If you are applying for a home loan, there are a few key things that you should definitely know including the income tax deduction under section 80C which you can get up to Rs. 1, 50, 000 on the principal component repayment of your home loan and other home loan tax exemptions like deductions on interest repayments up to Rs. 2 lakh under Section 24, first-time homebuyers’ deductions under Section 80EE up to Rs. 50, 000 and deductions on registration costs and stamp duties. You can learn more about tax deductions. Home loans are not all about saving taxes however as you well know. There are several other aspects to home loans including the overall eligibility, your credit score and interest rate which you should know before applying. Make sure that you know the right amount to ask for as the home loan and you should have calculated your EMI beforehand as well in order to ascertain that it fits in your budget.
Make sure that you have all of these factors clearly understood before you sign on the dotted line. Also make sure that you read all terms and conditions carefully as mentioned in the home loan agreement between you and the financial institution in question.