People may migrate from their hometown to different places. The reasons might be different. Let us have an example. Suppose, you get admission to a very reputed university in India. You might stay in a rented apartment and spend your days paying a huge amount of ret every month.
On the other hand, you might buy an apartment for yourself where you might stay in your liberty. Again, the same thing can happen if you get a job outside your hometown.
Different circumstances may arise when you might need to be the owner of more than one property. In general, when people migrate to a different town and have to stay there for a long time, he/she prefers to buy a home instead of staying in a rented apartment.
Besides, you may also buy more than one house for your family members, such as elderly persons or children to provide them with an easier and comfortable life. Often a tangible property is also considered to be a good investment.
In India, becoming the owner of multiple property homes is not illegal. But the question is whether there are any tax benefits for multiple property home loans? YES! OF COURSE! You get a huge tax benefit here! So, if you are the one who wants to buy another tangible property and wanna know its tax benefits, you are right here!
In this blog, we are going to discuss the tax benefits of multiple property home loans. So, let’s begin!
In India, there is no tax laws or banking laws that prohibit you to take advantage of tax benefit when you have multiple properties. The amount of a home loan is not only dependent on the number of properties you possess but also on your age, type of occupation, income, and ability to repay the loan.
Now, considering that you are eligible to take multiple property home loans, I will tell you the tax benefits that you can enjoy. These can be discussed under two different sub-sections.
However, if the other property is given at rent, you need to declare the rental income generated from it. Then you can have a standard tax benefit of 30 % on the interest of the loan.
Buying a house is a difficult task. Some people have to spend their lives savings in getting a property. But there might be the need or desire for multiple properties too. In that case, getting a little benefit on the home loans means a lot!
However, one friendly suggestion would be to take less amount of home loans, and even if you take a home loan, then try to pay a good amount of the principal amount apart from paying the interest value.
The best guidance can be given by an expert only. So, you can consult with our experts before you decide anything related to real estate. Trust me, you will be genuinely assisted and be benefitted.
Our experts understand your requirements. They value your desires. Your problem is our concern. So, our experts offer what’s best for you! Drop a mail at info@roodland.com to get in touch with us!