Home Loan Tax Benefits — Calculate Your Total Tax Savings
Calculate total tax savings from home loan under Section 24 (interest) Section 80C (principal) and Section 80EEA. See how much your home loan reduces tax.
A home loan in India provides three major tax deductions: Section 24 allows up to Rs 2 lakh deduction on interest paid for self-occupied property. Section 80C allows up to Rs 1.5 lakh on principal repaid. Section 80EEA provides additional Rs 1.5 lakh for first-time buyers (loans up to Rs 45 lakh). Combined these deductions can save Rs 75000-150000 in tax annually depending on your income slab.
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Key Information
| Parameter | Details |
|---|---|
| Section 24 (Interest) | Up to Rs 2 lakh per year |
| Section 80C (Principal) | Up to Rs 1.5 lakh per year |
| Section 80EEA (First-time) | Additional Rs 1.5 lakh |
| Maximum Annual Deduction | Up to Rs 5 lakh combined |
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Use Calculator NowFrequently Asked Questions
How much tax do I save on home loan?
At Rs 15 LPA in the 30% bracket with Rs 2L interest + Rs 1.5L principal deduction: total deduction Rs 3.5 lakh. Tax savings = Rs 3.5L × 30% = Rs 1.05 lakh per year. Over 20 years this adds up to Rs 15-20 lakh in tax savings effectively reducing your home loan cost significantly.
Can I claim home loan tax benefit under new regime?
Under the new tax regime you CANNOT claim Section 24 or Section 80C deductions on home loan. This is a major reason many home loan borrowers choose the old regime. Calculate your tax under both regimes — if home loan deductions save more than the new regime benefit choose the old regime.
Joint home loan tax benefits?
Joint home loan borrowers can EACH claim the full deduction limits separately: Section 24 Rs 2L each (Rs 4L total) and Section 80C Rs 1.5L each (Rs 3L total). Combined tax savings for a couple can reach Rs 2.1 lakh per year in the 30% bracket. Both must be co-borrowers AND co-owners of the property.
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Last updated: March 2026