When you apply for a home loan for doctors to purchase your dream home, you can be sure that you will get tax benefits on doctors home loan . A home loan applicant can claim tax benefits from a home loan under Income Tax Act.
In case of a self-occupied house, the gross annual value is nil, and only interest on the loan can be claimed. There is a loss from house property income, so the tax outgo is reduced.
In case of a rented house, the gross annual value is the house rent. You can claim a deduction of 30% on property taxes and deduct interest on home loan for doctors.
Always remember that you cannot avail tax benefits when the house is still under construction. Once your home construction is completed, you can claim. But make sure that the construction must be completed within five years. One more factor for claiming the tax benefits is that you must be the owner of the house and also borrower in the loan.
You can claim tax benefits both on the principal and the interest part of the loan. Under Section 80C, you can claim tax benefits on the principal amount of the loan up to an amount of Rs. 1.5 lakhs. The deduction on interest part is up to Rs. 2 lakhs on a home purchase or home construction. On home reconstruction or repair, the deduction on interest can be availed up to Rs. 30,000. The tax benefits can also be availed on loans for purchased land, home purchase loan or loan on home construction.