Section 24: Interest Deduction
For self-occupied properties, you can claim up to Rs. 2 lakh per year on interest paid.
Section 80C: Principal Repayment
Principal repayment up to Rs. 1.5 lakh is eligible for deduction under Section 80C.
Section 80EE: First-Time Buyers
Additional Rs. 50,000 deduction for first-time home buyers with loan amount up to Rs. 35 lakh and property value up to Rs. 50 lakh.
Section 80EEA: Affordable Housing
Additional Rs. 1.5 lakh deduction for affordable housing loans sanctioned between specified dates.
Joint Home Loans
Co-owners can individually claim deductions, effectively doubling the tax benefits.