{"id":722,"date":"2025-10-27T05:54:17","date_gmt":"2025-10-27T05:54:17","guid":{"rendered":"https:\/\/easyhomefinance.in\/knowledge-hub\/?p=722"},"modified":"2025-12-23T14:19:42","modified_gmt":"2025-12-23T14:19:42","slug":"how-to-claim-section-80c-24b-deductions-on-home-loans","status":"publish","type":"post","link":"https:\/\/easyhomefinance.in\/knowledge-hub\/how-to-claim-section-80c-24b-deductions-on-home-loans\/","title":{"rendered":"How to Claim Section 80C &amp; 24(b) Deductions on Home Loans?"},"content":{"rendered":"\n<p>Buying a home isn\u2019t just about building a future \u2014 it can also help you save significantly on taxes. If you\u2019ve taken a home loan in India, two key sections of the Income Tax Act \u2014 <strong>Section 80C<\/strong> and <strong>Section 24(b)<\/strong> \u2014 allow you to claim deductions on your principal and interest repayments. But how do you actually claim these benefits while filing your taxes?<\/p>\n\n\n\n<p>Let\u2019s break it down in simple, actionable steps.<\/p>\n\n\n\n<p><strong>Understand What You Can Claim<\/strong><\/p>\n\n\n\n<p>Before diving into the process, here\u2019s a quick refresher:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Section 80C<\/strong>: You can claim up to <strong>\u20b91.5 lakh per year<\/strong> on the <strong>principal<\/strong> amount repaid on your home loan.<\/li>\n\n\n\n<li><strong>Section 24(b)<\/strong>: You can claim up to <strong>\u20b92 lakh per year<\/strong> on the <strong>interest<\/strong> paid on your home loan \u2014 provided the property is self-occupied.<\/li>\n<\/ul>\n\n\n\n<p>These deductions reduce your <strong>taxable income<\/strong>, which means you end up paying <strong>less tax<\/strong>.<\/p>\n\n\n\n<p><strong>Step-by-Step: How to Claim These Deductions<\/strong><\/p>\n\n\n\n<p><strong>1. Get Your Loan Statement from the Lender<\/strong><\/p>\n\n\n\n<p>Ask your bank or NBFC (like Easy Home Finance) for your <strong>home loan interest certificate<\/strong> or annual statement. This document shows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Total principal repaid<\/li>\n\n\n\n<li>Total interest paid<\/li>\n\n\n\n<li>Loan account details<\/li>\n<\/ul>\n\n\n\n<p>You\u2019ll need this to fill in the correct numbers during tax filing.<\/p>\n\n\n\n<p><strong>2. Check Eligibility Conditions<\/strong><\/p>\n\n\n\n<p>To claim deductions under <strong>Section 80C<\/strong>, make sure:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The property is not sold within 5 years of possession. If it is, the tax benefits will be reversed.<\/li>\n\n\n\n<li>You\u2019ve paid the principal amount during the financial year.<\/li>\n<\/ul>\n\n\n\n<p>For <strong>Section 24(b)<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The loan must be for purchase or construction (not renovation).<\/li>\n\n\n\n<li>Construction should be completed within 5 years from the end of the financial year in which the loan was taken.<\/li>\n\n\n\n<li>Only interest paid after possession is eligible for deduction.<\/li>\n<\/ul>\n\n\n\n<p><strong>3. Declare It to Your Employer (if salaried)<\/strong><\/p>\n\n\n\n<p>If you\u2019re a salaried individual, submit your home loan documents to your employer <strong>before the end of the financial year<\/strong> (usually by January or February). This helps them adjust your <strong>TDS<\/strong> (tax deducted at source) correctly.<\/p>\n\n\n\n<p>Missed this step? No worries \u2014 you can still claim it directly while filing your Income Tax Return (ITR).<\/p>\n\n\n\n<p><strong>4. Enter Details in Your Income Tax Return<\/strong><\/p>\n\n\n\n<p>While filing your taxes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Under the <strong>Deductions section (Chapter VI-A)<\/strong>, claim the <strong>principal amount<\/strong> under <strong>Section 80C<\/strong>.<\/li>\n\n\n\n<li>Under the <strong>Income from House Property<\/strong> section, mention the <strong>interest<\/strong> amount to claim under <strong>Section 24(b)<\/strong>.<\/li>\n\n\n\n<li>If your property is rented out, there is <strong>no limit<\/strong> on the interest deduction (although loss from house property set-off is capped at \u20b92 lakh).<\/li>\n<\/ul>\n\n\n\n<p><strong>5. Keep All Proofs Handy<\/strong><\/p>\n\n\n\n<p>You don\u2019t have to submit hard copies to the IT department while e-filing, but <strong>keep records for at least 6 years<\/strong>, just in case your return gets scrutinized later. Keep:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loan certificate<\/li>\n\n\n\n<li>Possession letter or completion certificate<\/li>\n\n\n\n<li>Payment receipts (especially for pre-EMI or partial payments)<\/li>\n<\/ul>\n\n\n\n<p><strong>Bonus Tip: Don\u2019t Forget Joint Loans<\/strong><\/p>\n\n\n\n<p>If you\u2019ve taken a <strong>joint home loan<\/strong> (say with a spouse), both co-borrowers can claim <strong>separate deductions<\/strong> on their individual incomes \u2014 up to \u20b91.5 lakh each under 80C and \u20b92 lakh each under 24(b), provided both are co-owners and co-payers.<\/p>\n\n\n\n<p><strong>Final Thoughts<\/strong><\/p>\n\n\n\n<p>Claiming home loan tax benefits under Section 80C and 24(b) doesn\u2019t have to be complicated. Just keep your paperwork ready, file carefully, and take full advantage of what the government offers. Every rupee saved in taxes gets you one step closer to financial freedom.<\/p>\n\n\n\n<p><strong>Want to Begin?<\/strong><\/p>\n\n\n\n<p>Apply for a Home Loan with Easy Home Finance:\u00a0<a href=\"https:\/\/easyhomefinance.in\/site\/apply\">https:\/\/easyhomefinance.in\/site\/apply<\/a><\/p>\n\n\n\n<p>Check Your Eligibility Instantly:\u00a0<a href=\"https:\/\/easyhomefinance.in\/loan\">https:\/\/easyhomefinance.in\/loan<\/a><\/p>\n\n\n\n<p>Learn More About Our 100% Digital Process:\u00a0<a href=\"https:\/\/www.easyhomefinance.in\">https:\/\/www.easyhomefinance.in<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a home isn\u2019t just about building a future \u2014 it can also help you save significantly on taxes. If you\u2019ve taken a home loan in India, two key sections of the Income Tax Act \u2014 Section 80C and Section 24(b) \u2014 allow you to claim deductions on your principal and interest repayments. But how&#8230;<\/p>\n","protected":false},"author":2,"featured_media":723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[63,59,62,61,60],"class_list":["post-722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others-2","tag-home-loan-tax-benefits-india","tag-home-loan-tax-deductions","tag-how-to-claim-home-loan-tax-benefits","tag-section-24b-home-loan","tag-section-80c-home-loan","article","has-background",false,"dark-theme-tfm-is-dark","has-excerpt","has-avatar","has-author","has-nickname","has-date","has-comment-count","has-category-meta","has-read-more","has-title","has-post-media","thumbnail-","cat-id-1"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/posts\/722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/comments?post=722"}],"version-history":[{"count":2,"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/posts\/722\/revisions"}],"predecessor-version":[{"id":753,"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/posts\/722\/revisions\/753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/media\/723"}],"wp:attachment":[{"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/media?parent=722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/categories?post=722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/easyhomefinance.in\/knowledge-hub\/wp-json\/wp\/v2\/tags?post=722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}