Having an own home is an out of the world feeling. Many people dream of having an own home but are unable to realize it due to the lack of funds.
However, with the advent of modern-day finance, the availability of the home loan option has helped people. As per the home loan eligibility, many leading banks and non-banking finance companies offer home loans to potential customers.
However, some people who wish to buy a second home using a home loan facility are confused if they will get the tax benefits or not. If you are also planning to purchase a second home, you can claim home loan tax exemption. By following some tips, it is possible for people to lap up tax benefits.
Yes, you can claim tax benefits home loan repayment for your second home by either claiming it as self-occupied. If you have two homes, you are entitled to claim one as self-occupied, and the other one could be classified as rented property.
Consulting a known financial consultant in this regard will be a smart thing to do if you are still unsure if it’s true that you can claim home loan tax exemption.
Watch the video to know about 6 Factors That Can Affect Your Home Loan Eligibility: