{"id":3050,"date":"2021-06-26T16:38:20","date_gmt":"2021-06-26T11:08:20","guid":{"rendered":"https:\/\/homefirstindia.com\/?post_type=article&amp;p=3050"},"modified":"2021-06-26T16:38:20","modified_gmt":"2021-06-26T11:08:20","slug":"benefits-of-home-loan-for-the-first-time-home-buyers","status":"publish","type":"article","link":"https:\/\/homefirstindia.com\/ta\/blog\/article\/benefits-of-home-loan-for-the-first-time-home-buyers\/","title":{"rendered":"Benefits of Home Loan for the First Time Home Buyers"},"content":{"rendered":"<p style=\"text-align: center;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-3052\" style=\"width: 100%; max-width: 500px; height: auto;\" src=\"https:\/\/homefirstindia.com\/app\/uploads\/2021\/06\/sm-3-home-loans-sep7-1_647_082815095900.jpg\" alt=\"home loan\" \/><\/p>\n<p>Don\u2019t own a home yet? What are you waiting for? Money? Okay, that makes sense. But hold on, you may not need as much as you think you do. There are loads of benefits that are offered to\u00a0<a href=\"https:\/\/homefirstindia.com\/article\/home-loan-terms-you-should-know-before-taking-home-loan\/\"><strong>first-time homebuyers<\/strong><\/a>\u00a0so maybe it\u2019s time to prepone your home buying plan. Let\u2019s hit it!<\/p>\n<ul>\n<li><strong><em>Deduction on Home Loans<\/em><\/strong><em>\u00a0<\/em><strong><em>Interest Paid<\/em><\/strong>\u00a0\u2013 You can claim an additional tax deduction of Rs.50,000 under Section 80 EE of the\u00a0<a href=\"https:\/\/homefirstindia.com\/article\/section-24-of-income-tax-act-check-deduction-for-home-owners\/\"><strong>Income Tax Act, 1961<\/strong><\/a>. This deduction is over and above the current limit of Rs.2,00,000 which is availed under Section 24. But hold your jumping for now. Here are the conditions under which this benefit can be availed:\n<ul>\n<li>The additional deduction is applicable only on the interest portion of the loan which is taken for a self-occupied property.<\/li>\n<li>The benefit is applicable only for first-time home buyers. And we\u2019re all working here under this assumption.<\/li>\n<li>The value of the house is not more than Rs.50,00,000 and the loan taken is not more than Rs.35,00,000. Benefits are meant for people who need it, right!<\/li>\n<li>The Home Loan should\u2019ve been sanctioned between April 2016 and 31<sup>st<\/sup>\u00a0March 2017.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Do you fulfill these criteria? Okay, you can jump now!<\/p>\n<ul>\n<li><strong><em>Tax Benefits in absence of HRA<\/em><\/strong>\u00a0\u2013 Even if you\u2019re not getting any HRA from your employer, fret not. Here comes Section 80GG under which you can avail of some tax benefits as well. This provides for deduction of any expenditure incurred by an individual, in excess of 10% of their total income for rent payment, for a furnished\/unfurnished accommodation if they are not granted HRA by their employer or are self-employed. But hold on, conditions ahead. The excess expenditure must not exceed Rs.2,000 per month or 25% of their total income for the year, whichever is less.<\/li>\n<li><strong><em>Pradhan Mantri Awas Yojana<\/em><\/strong>\u00a0\u2013 I know you were waiting for this. Here it is. The\u00a0PMAY scheme\u00a0is for home buyers from the Economically Weaker Sections (EWS), Lower Income Group (LIG), and Middle-Income Group (MIG). If you are from one of these sections, GoI is here for you. You can claim tax subsidy (<em>not benefits<\/em>) on Home Loans. Here are the parameters to decide how much subsidy you can get:<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"size-full wp-image-3012 aligncenter\" style=\"width: 100%; max-width: 848px; height: auto;\" src=\"https:\/\/homefirstindia.com\/app\/uploads\/2021\/06\/Untitled.png\" alt=\"Home loan\" \/><\/p>\n<p>And how do you define income groups?<\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-3015 aligncenter\" style=\"width: 100%; max-width: 736px; height: auto;\" src=\"https:\/\/homefirstindia.com\/app\/uploads\/2021\/06\/Untitled-1.png\" alt=\"home loan\" \/><\/p>\n<p>Share this article on <a href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/homefirstindia.com\/article\/benefits-of-home-loan-for-the-first-time-home-buyers\/\"><strong>WhatsApp<\/strong><\/a><\/p>\n<p><strong>Also read:<\/strong><\/p>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/home-loan-affordability-using-income\/\">Home Loan Affordability Using Income<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/home-decor-furniture-transform-your-space-with-home-decor-ideas\/\">Home D\u00e9cor Furniture: Transform Your Space With Home D\u00e9cor Ideas<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/home-decor-decorate-your-space-with-home-decor-ideas\/\">Home D\u00e9cor : Decorate Your Space with Home D\u00e9cor Ideas<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/factors-to-consider-before-buying-the-right-property-in-india\/\">Factors to Consider Before Buying the Right Property in India<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/all-you-should-know-about-home-loan-disbursment-process\/\">All You Should Know About Home Loan Disbursment Process<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/your-responsibilities-as-a-borrower\/\">Your Responsibilities as a Borrower<\/a><\/strong><\/h4>\n","protected":false},"featured_media":0,"template":"","article_category":[80],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Home Loan Benefits for the First Time Home Buyers<\/title>\n<meta name=\"description\" content=\"There are loads of benefits that are offered to first time home buyers so maybe it\u2019s time to prepone your home buying plan. 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