Confirm with the bank before proceeding. As per new tax laws, you can get tax exemption upto ₹3.5 lakh. Houses valued under ₹ 45 lakh comes under the affordable housing category. If you are planning a home under affordable housing scheme of ₹ 45 lakh, you can get additional deduction for the interest paid on the affordable housing up to ₹ 1.5 lakh under Section 80EEA of the Income Tax Act. The scheme will be valid till 31 March next year. It must be noted that that homebuyer must not own any other residential property as on the date of sanction of the loan to avail this benefit. This is over and above the tax exemption of up to ₹ 2 lakh on home loan interest rates under Section 24 of the Income Tax Act. So new home buyers can enjoy the tax exemption of up to ₹ 3.5 lakh on home loan interest rates.
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