{"id":7097,"date":"2023-08-29T01:18:28","date_gmt":"2023-08-29T01:18:28","guid":{"rendered":"\/blog\/?p=7097"},"modified":"2024-07-04T14:28:55","modified_gmt":"2024-07-04T08:58:55","slug":"tax-deductions-on-home-loan-interest-rates-according-to-budget-2019","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/tax-deductions-on-home-loan-interest-rates-according-to-budget-2019\/","title":{"rendered":"Tax Deductions on Home Loan Interest Rates According to Budget 2019"},"content":{"rendered":"\n<p>Quality affordable housing for all has been high up on the agenda of several governments in India for a long time. The finance budget of 2019 addresses the issue directly by raising the tax benefit on home loans from Rs. 2 lakhs to Rs. 3.5 lakhs. This Rs. 1.5 lakh subsidy will allow a potential homeowner to claim a higher chunk in their IT return each year, which will ultimately increase their disposable income.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Know More<\/a><\/div>\n\n\n\n<p><strong>Conditions for\nAvailing Higher Tax Benefit<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The individual must not own an additional residential property on the day a housing loan is sanctioned <\/li>\n\n\n\n<li>This benefit is only applicable to properties with a stamp duty value of up to Rs. 45,00,000<\/li>\n\n\n\n<li>The hiked deduction can only be claimed on home loans sanctioned in the current financial year i.e. loans taken by March 31, 2020<\/li>\n\n\n\n<li>This tax benefit cannot be availed if the property bought with housing finance is still under construction<\/li>\n<\/ul>\n\n\n\n<p><strong>Who Will Benefit the\nMost from Enhanced Tax Deductions?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>First-time homeowners in the\nmiddle-income group<\/li>\n\n\n\n<li>People in tier 2 and tier 3 cities,\nas the property rates are lower and one can comfortably find quality housing\nwithin Rs. 45,00,000<\/li>\n\n\n\n<li>Single income families<\/li>\n\n\n\n<li>The housing sector and realtors<\/li>\n<\/ul>\n\n\n\n<p><strong>How to Calculate\nTax Refund on Home Loans?<\/strong><\/p>\n\n\n\n<p>The simplest way to calculate the tax refund on your <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">home loan<\/a> is to use a reliable online calculator. Input your home loan details and a personalised tabulated assessment will pop up. The information that you need to keep handy for this is:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gross loan amount<\/li>\n\n\n\n<li>Repayment duration<\/li>\n\n\n\n<li>Home loan interest rate<\/li>\n\n\n\n<li>Date of first EMI<\/li>\n\n\n\n<li>Gross annual income<\/li>\n\n\n\n<li>List of existing tax deductions\/benefits<\/li>\n<\/ul>\n\n\n\n<p><strong>Information Needed to\nFile for Increased Tax Benefit<\/strong><\/p>\n\n\n\n<p>Claiming tax benefits for your housing loan is a straightforward process. Follow the below steps:<\/p>\n\n\n\n<p><strong>Step 1:<\/strong>&nbsp;Make sure that you are the\nborrower or the co-borrower.<\/p>\n\n\n\n<p><strong>Step 2<\/strong>: Calculate the exact amount of tax\ndeduction using an online calculator.<\/p>\n\n\n\n<p><strong>Step 3:<\/strong>&nbsp;Provide your loan interest\ncertificate to your employer for TDS adjustment.&nbsp;Alternatively, you can\nalso choose to file the tax return yourself.<\/p>\n\n\n\n<p><strong>Step 4:<\/strong>&nbsp;If you are self-employed simply\ncalculate the tax deduction you are eligible for and&nbsp;file your IT return.\nKeep the above documents handy, should you need them.<\/p>\n\n\n\n<p>This regulation surely comes as a relief for potential home buyers and will also offer a further incentive to those debating renting vs. buying. This policy will translate into a benefitofup to Rs. 7 lakhs for the middle-class home buyer, over a loan period of 15 years.Taking a&nbsp;home loan&nbsp;which automatically allows for this hiked tax benefit within this financial year makes a lot of sense. Tata Capital provides housing finance at compelling <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rates-and-charges.html\">home loan rates and charges<\/a>. Simply log on to our website and use our convenient&nbsp;<a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/emi-calculator.html\">home loan EMI calculator<\/a>&nbsp;to assess your&nbsp;<a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/home-loan-eligibility-calculator.html\">home loan eligibility calculator<\/a>. Our&nbsp;home loan calculator will also help you calculate monthly EMIs accurately. Visit Tata Capital today!<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Apply For Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Quality affordable housing for all has been high up on the agenda of several governments in India for a long time.  <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/tax-deductions-on-home-loan-interest-rates-according-to-budget-2019\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":7098,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-7097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Deductions on Home Loan Interest Rates According to Budget 2019 - TATA Capital Blog<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Deductions on Home Loan Interest Rates According to Budget 2019 - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Quality affordable housing for all has been high up on the agenda of several governments in India for a long time. Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/tax-deductions-on-home-loan-interest-rates-according-to-budget-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-29T01:18:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-04T08:58:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/02\/tax-deductions-on-home-loan-interest-rates.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/tax-deductions-on-home-loan-interest-rates-according-to-budget-2019\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/tax-deductions-on-home-loan-interest-rates-according-to-budget-2019\/\",\"name\":\"Tax Deductions on Home Loan Interest Rates According to Budget 2019 - TATA Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2023-08-29T01:18:28+00:00\",\"dateModified\":\"2024-07-04T08:58:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/tax-deductions-on-home-loan-interest-rates-according-to-budget-2019\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/tax-deductions-on-home-loan-interest-rates-according-to-budget-2019\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/tax-deductions-on-home-loan-interest-rates-according-to-budget-2019\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.tatacapital.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tax Deductions on Home Loan Interest Rates According to Budget 2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/\",\"name\":\"TATA Capital Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.tatacapital.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\",\"name\":\"Tata Capital\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a6a38ea7397ec3ff4a8dc9b854558dbfc2d1c417498effd79c6186d3edf6ae28?s=96&d=mm&r=g\",\"caption\":\"Tata Capital\"},\"sameAs\":[\"https:\/\/tata-blog.osian.dev\/blog\"],\"url\":\"https:\/\/tata-blog.osian.dev\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Tax Deductions on Home Loan Interest Rates According to Budget 2019 - TATA Capital Blog","robots":{"index":"noindex","follow":"nofollow"},"og_locale":"en_US","og_type":"article","og_title":"Tax Deductions on Home Loan Interest Rates According to Budget 2019 - TATA Capital Blog","og_description":"Quality affordable housing for all has been high up on the agenda of several governments in India for a long time. 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