What is Section 24(b) limit for self-occupied property?
Interest deduction is generally up to INR 2,00,000 per financial year, subject to conditions.
Calculator
Home Loan Tax Benefit Calculator (India)
Estimate annual home loan tax savings using common limits under Section 24(b) and Section 80C, then calculate effective post-tax interest burden.
24(b) deduction
₹2,00,000
80C deduction
₹1,40,000
Estimated tax saved
₹1,02,000
Effective interest burden
₹2,20,000
This is an educational estimate. Actual tax eligibility depends on property status, ownership share, tax regime, and applicable law.
FAQs
Can principal repayment be claimed under 80C?
Yes, eligible principal repayment can be part of the 80C limit.
Is tax benefit enough reason to avoid prepayment?
Not always. Compare post-tax loan cost with alternative returns.
Does co-borrower also get tax benefit?
Eligible co-borrowers can claim benefits proportionately if conditions are met.