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If you are the applicant and your spouse is a co-applicant and if each of you is repaying the home loan, then each of you can claim the tax benefit for both principal and interest paid.
How to derive maximum value from your home?

Owning a home of one’s own is everyone’s dream. Being the proud owner of your own home means you can live life your own way in your own home!

Rental on residential property
If you are not staying in the home that you have bought, you can rent it out. Generally the annual rental is 4% of the value of the property. Know more
A property valued at, say, Rs. 1 crore, you should get a rent of about Rs. 33,000 per month. The yields on residential properties vary in terms of location and city. Metros tend to have a higher yield compared to smaller cities. Similarly, locations near office/corporate hubs tend to have a higher yield.
Tax benefits

Many of us have taken home loans / mortgages to buy our house. One of the most important motivators for availing a housing loan is the income-tax benefit that it provides. Know more

If you have availed of a home loan, you can claim tax benefits on both the principal and interest components of the home loan as per the Income Tax Act. These benefits are in the form of deductions available to assesses who have taken a loan to either buy a house or build one. You can reduce your tax liability by a maximum of Rs. 6,250 per month (Rs. 75000 p.a.)

Under section 80(c), repayment of principal of up to Rs. 1 lac is deductible in full from your income which means you can save tax up to a maximum of
Rs. 30,000 p.a. on principal. Similarly under section 24 of the Income Tax Act, interest is deductible up to a maximum of Rs. 1.5 lac. Thus, this leads to an additional saving of a maximum of Rs. 45,000 p.a.
Top-up loan

Need some additional finances to furnish your home or for other personal requirements? You can get a top-up on your current home loan at attractive interest rates. Know more

Access our Top-up loan as and when you need to meet your personal requirements (not for speculative purposes). Benefit from some additional funds against the security of your property. Access this loan for various personal requirements – be it for buying consumer durables, your child’s educational expenses, buying a new car or taking your family on a vacation. Know more
Loan Against Property

You can also unlock the value of your property, with a Loan Against Property once you have cleared the home loan. Get more from life that you might have missed earlier due to lack of funds. Know more

Access the funds at your disposal whenever you wish. Use this loan at a reasonable rate and repay it comfortably in up to 15 years. The funds can be used for various purposes like business expansion, funding your child’s education, meeting your medical needs, etc.
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