If you plan to buy property with home loan in Horamavu Agara, it’s essential to understand the tax benefits that come with homeownership in India. These tax incentives can help reduce your overall tax liability and make owning your dream home more affordable. This article will guide you through the key tax advantages available to homebuyers, especially those financing their purchase with a home loan.
If you’re planning to buy property with home loan in Horamavu Agara, you’re not just investing in a fast-growing Bangalore neighborhood—you’re also opening doors to substantial tax savings.
1. Tax Deduction on Home Loan Interest – Section 24(b)
Under Section 24(b) of the Income Tax Act, you can claim a deduction of up to ₹2 lakhs per annum on the interest paid on your home loan for a self-occupied property. If the property is let out, the entire interest amount can be deducted without a cap.
For buyers opting to buy property with home loan in Horamavu Agara, this deduction can significantly reduce the taxable income, especially in the early years when interest forms a large portion of the EMI.
2. Principal Repayment Deduction – Section 80C
Homebuyers can also claim a deduction of up to ₹1.5 lakhs under Section 80C for the principal repayment portion of the EMI. This deduction also includes stamp duty and registration fees paid during the purchase.
If you’re looking at Globes Properties flats for sale that qualify under this section, you’re not only making a sound investment but also enjoying great tax relief.
3. Additional Deduction for First-Time Buyers – Section 80EE & 80EEA
First-time homebuyers can claim an additional deduction of ₹50,000 under Section 80EE (subject to conditions). Under Section 80EEA, buyers can claim up to ₹1.5 lakhs on interest for loans sanctioned before a certain date and for properties under ₹45 lakhs.
If you’re a first-time buyer planning to buy property with home loan in Horamavu Agara, check if the flat qualifies for this additional benefit. Properties from Globes Properties Bangalore often meet these eligibility criteria, making them ideal choices for new buyers.
4. Tax Exemption on Capital Gains
If you sell your property after holding it for more than 2 years, the profit is considered a long-term capital gain (LTCG) and taxed at 20% with indexation benefits. However, under Section 54, you can save tax on capital gains if you reinvest the amount in another residential property within a specified time.
Investing in Globes Properties projects in Bangalore for long-term capital appreciation could offer both lifestyle value and tax advantages upon resale.
5. Joint Home Loans and Tax Sharing
If a property is purchased jointly (e.g., by spouses), both co-owners can claim tax deductions separately on interest and principal repayments, doubling the tax benefits under Sections 24(b) and 80C.
This is a smart strategy if you and your spouse plan to buy property with home loan in Horamavu Agara, as it maximizes savings while securing a family-friendly home.
Why Choose Horamavu Agara for Property Investment?
Horamavu Agara is fast becoming one of the most promising areas in North Bangalore. The region offers proximity to tech parks, reputed schools, and infrastructure development. Properties in this locality are both affordable and future-ready, making it ideal for salaried professionals and first-time homeowners.
Globes Properties real estate offers several well-planned projects in and around Horamavu Agara. Their developments focus on quality, convenience, and family-centric amenities.
Whether you’re looking for 2 BHK or 3 BHK configurations, Globes Properties apartments provide smart layouts, ample green space, and top-tier finishes—ideal for long-term living and value appreciation.
Conclusion
Buying a home in India is not just about securing a place to live—it’s also about enjoying financial benefits through tax savings. If you’re looking to buy property with home loan in Horamavu Agara, you’re not just investing in a high-growth locality, but you’re also making a move that could reduce your income tax liability significantly.
Projects by Globes Properties Bangalore bring together smart design, excellent locations, and RERA-compliant transparency, ensuring both peace of mind and high investment returns.
Whether you’re exploring Globes Properties flats for sale or researching top-performing Globes Properties projects in Bangalore, keep the tax benefits in mind—they’re a bonus on top of a wise property decision.
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