Around Part 80EE of one’s Tax Work, first-day homebuyers can be avail of even more deductions all the way to Rs. 50,000. This part enforce to have finance approved up to 31st merely. So you’re able to claim so it home loan tax work with, specific criteria need to be came across:

• The loan count will likely be Rs. thirty five lakh or smaller, in addition to property’s well worth must not exceed Rs. 50 lakh. • The loan should have already been sanctioned ranging from first . • During the time of loan sanction, anyone ought not to very own some other domestic, leading them to a primary-time home owner. • Take note one Area 80EE was reintroduced but is legitimate simply having loans sanctioned up until 31st .

Area 80EEA, delivered about Connection Budget 2019 to improve affordable housing, acceptance first-day homeowners so you’re able to allege an income tax deduction all the way to Rs.