The interest payable on the home loan is deductible on the home loan is dedictible under section 24,up to a limit of Rs 2lakh per year

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But the more interesting thing is that instead of self occupying the property,

if you have given that house for rent, there is no upper limit for interest deduction.

so,even if the interest amount exceeds RS 2 Lakhs, you get the entire amount as a deduction.

While a housing loan can help you get a house for yourself; it can also turn out to be an expensive affair. But the various tax benefits that come with such a loan help you save money every year.

For interest paid on home loans for affordable housing, an additional Rs.1.5 lakh tax deduction under Section 80EE can be availed till 31 March 2022. This is applicable for loans that were received till 31 March 2024.