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It is an online tool that calculates the tax savings borrowers can claim against interest payments, principal repayments, and other eligible costs, as per applicable provisions under the Income Tax Act.
It simplifies calculations, saves time and offers a clear projection of how much borrowers can save in taxes while helping them plan prepayment or refinancing strategies.
It computes eligible deductions under Sections 24(b), 80C, and 80EE/80EEA based on inputs such as loan amount, tenure, interest rate and annual income.
Tax exemption is calculated by evaluating both principal repayment (under Section 80C) and interest payment (under Section 24(b)) for the given financial year.
You can claim tax benefits on your Home Loan's principal repayment under Section 80C and interest payment under Section 24 of the Income Tax Act.
Depending on your income slab, you can save up to ₹ 3.5 Lakh annually with deductions under Section 80C, 24(b) and additional benefits for first-time buyers.
Yes, a Home Loan reduces taxable income through deductions on principal and interest payments, offering significant annual tax relief.
Yes, the limit for self-occupied properties is ₹ 2 Lakh (Section 24(b)). There’s no upper limit for rented properties.
Yes! Tax deductions can be claimed for multiple loans if they are for separate properties eligible under the respective sections.
Yes, under Section 80EE (₹ 50,000) and Section 80EEA (₹ 1.5 Lakh for affordable housing), first-time homebuyers receive additional tax savings.
