Buying your first home is a momentous occasion, and home loans not only make it possible but also come with several tax benefits that can lighten your financial burden. If you’re a first-time buyer in India looking to invest in a property like those by SRIAS Lifespaces, understanding these tax benefits is essential to make the most of your investment.

1. Tax Deduction on Interest Paid

Under Section 24(b) of the Income Tax Act, you can claim a deduction of up to ₹2 lakh on the interest paid on your home loan if the property is self-occupied. For rented properties, there is no upper limit for interest deduction.

Pro Tip: Ensure the construction of your property is completed within five years to avail of the full deduction. Projects like The Boat Club Villas, iWA and Tiara by SRIAS Lifespaces, known for their timely completion, are excellent options.

2. Deduction on Principal Repayment

Section 80C allows you to claim up to ₹1.5 lakh for the principal repayment on your home loan. This deduction applies to properties purchased for self-use or rental purposes.

Note: The property must not be sold within five years of possession to retain the claimed tax benefits.

3. Additional Deduction for First-Time Buyers

First-time homebuyers can claim an additional deduction of ₹50,000 under Section 80EE. To qualify:

• The loan amount should not exceed ₹35 lakh.
• The property value should not exceed ₹50 lakh.

4. Benefits Under Affordable Housing Scheme

If you’re purchasing a property under the government’s affordable housing scheme, Section 80EEA provides an extra deduction of ₹1.5 lakh on interest.

Why Choose SRIAS Lifespaces?

SRIAS Lifespaces offers a range of properties that cater to modern families and investors. With thoughtfully designed homes and RERA-approved projects, our properties ensure peace of mind and financial security.

5. Stamp Duty and Registration Charges

Under Section 80C, you can also claim a deduction on stamp duty and registration charges, capped at ₹1.5 lakh. This benefit is only available in the year of purchase.

How to Claim These Benefits

• Collect loan statements from your lender.
• Maintain proper records of EMIs and property documents.
• Declare the deductions in your income tax returns.

Conclusion

Tax benefits on home loans can significantly reduce your financial burden, making homeownership more accessible and rewarding. If you’re a first-time buyer, investing in properties like The Boat Club Villas, iWA or Tiara by SRIAS Lifespaces not only ensures a beautiful home but also maximises your financial advantages.

Take the first step toward owning your dream home today—explore SRIAS Lifespaces for properties that blend luxury with financial sense