You have got excess cash in hands from the history incentive you obtained additionally the fixed deposit that just mature. You have been contemplating how to use the money. Debt advisers that are included with friends and family, doctor, attorneys and you may grocer keeps ideal that you need contact with security mutual money. Your mother and father features told one to purchase various other household.
Waiting. The loan on very first house is not yet over. If you use the fund to help you region-prepay your residence mortgage? However believe you might miss out on a number of the taxation advantages you to mortgage cost provides you with. Of numerous in your condition would like to continue with the home financing because it offers income tax benefits. Yet not, i believe, you don’t get as often taxation work with because you consider you are doing.
Tax Advantages on the Home loan Repayment
Dominating cost is approved for taxation deduction as much as Rs step one.5 lacs not as much as Section 80C of your Tax Operate. Attention fee into houses financing is approved having tax deduction having around Rs 2 lacs having a self occupied house. In case the house is let out otherwise deemed to-be let-out, whole attention paid for the housing mortgage is eligible getting taxation deduction internet.
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