Is home loan interest tax deductible in 2020-21?

Income Tax Benefit on Home Loan 2021. 

On 1 February 2021, in the Union Budget 2021, the government has extended an additional tax deduction of ₹1.5 lakh for one year on interest paid on housing loans for the purchase of affordable homes. 

Interest deduction allowed for low-cost housing loans taken during the period between 1 April 2019 and 31 March 2020.

Interest on home loans has been kept in two categories namely interest before completion of construction and interest after completion of construction. 

Tax deduction up to Rs 2 lakh is available under Section-24B for the interest paid after the construction is completed. This exemption can be claimed from the year of completion of the construction of the house. 

However, most people take home loans for under-construction properties. After the completion of the work, they get possession of it. But, the home loan repayment starts immediately after taking the loan.

With our company GRD India financial services Pvt. Ltd. We are offering home loans at very low interest rates as per the bank's norms. We make efforts for our clients in providing the best loan price.

Please visit our site to get extra benefits in services and the cheapest loan interest rate- https://www.grdindia.in

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