When you apply for a home loan in India, you get to avail of a significant amount. It is as per your eligibility and policies of lenders.
But one can also get to pocket home loan tax benefits on the way they repay the loan.
Calculating the exact home loan tax amount may not be easy if you do it manually.
On that note, you can use an income tax calculator online and know your exact tax benefits.
Let’s know how to use the income tax calculator!
Steps to calculate home loan tax benefits using an income tax calculator
- Land on the lender’s website and open the income tax calculator.
- On the income tax calculator online tool, you need to select your financial year and category. They are like male, female, senior citizens and super senior citizens.
- Choose your yearly income.
- Enter your total amount paid on the interest payment of housing loans.
- You should choose the same for the principal component.
- Once you select these factors, the income tax calculator will display the total income tax benefit.
- The tool will also showcase the income tax payable before availing of a home loan and even after taking a housing loan.
You are now aware of the easy steps you can take to compute your income tax figure to repay housing loan verticals.
A home loan facility can help you get a high-value loan with hassle-free approval and basic documentation. You can meet your lender’s eligibility terms and take the first step towards your dream home.
