Home Loan Tax Benefit
Section 80C and 24(b) savings on principal and interest for the financial year.
Your numbers
Result
Tax saved this year (old regime)₹0
Deduction under 80C (cap ₹1.5 L)—
Deduction under 24(b) (cap ₹2 L)—
How it works
Understanding tax benefit
A home loan on a self-occupied house gives two deductions each financial year: principal repaid under Section 80C (within the ₹1.5 lakh cap, shared with other 80C items) and interest paid under Section 24(b) (up to ₹2 lakh). The saving is the deduction times your tax slab — under the old tax regime.
The new regime does not allow these deductions for a self-occupied house. The saving shown assumes the old regime.
Each co-borrower who co-owns the house can claim the deductions separately on their share, effectively doubling the caps.