• Debt arrangements: Prepaying home financing much sooner than the latest planned period you will wanted a whole lot. This could sink your savings. So, grab a trip centered on debt standing and you may upcoming preparations ahead of using your difficult-made money in prepaying the mortgage.
• Income tax pros: As per the Taxation Operate, 1961, you might claim tax exemption as high as Rs step one.5 lakh annually on dominant matter repayment less than Point 80C. Other than that, it’s also possible to claim as much as Rs. dos lakh exception to this rule on the notice paid down under Section 24(b). As well, on the Relationship Finances 2021-22, the new Fund Minister launched a much deeper deduction off Rs 1.5 lakh with the desire (in addition to Rs dos lakh acceptance below 24b) around Section 80EEA.