Home Loan Tax Benefit Calculator
Estimate your Section 80C and Section 24 income tax deductions for any year.
Year 1 = first year of loan
Frequently Asked Questions
What is the Section 24 deduction on home loan interest?
Section 24(b) allows deduction on home loan interest up to ₹2 lakh per year for self-occupied properties. For let-out properties, the full interest paid is deductible (subject to set-off rules).
Can I claim both 80C and Section 24 deductions?
Yes. Section 80C allows up to ₹1.5 lakh on principal repayment (within the total 80C limit), and Section 24 allows up to ₹2 lakh on interest. Both are available simultaneously under the old tax regime.
Are these available under the new tax regime?
No. Section 80C and Section 24 deductions are not available under the new tax regime (from FY 2023-24). They apply only under the old tax regime.
Example tax benefit calculations
Common scenarios to try in the calculator above (old tax regime only).
- → ₹40 lakh loan at 8.5%, year 1, 30% tax slab — interest ~₹3.3 lakh; claim ₹2 lakh under Sec 24(b) → saves ~₹62,400 in tax
- → ₹30 lakh loan at 8.5%, year 1, 20% tax slab — principal repayment ~₹74,000; claim ₹74,000 under Sec 80C → saves ~₹14,800 in tax
Tax benefit depends on your slab, loan year, and total 80C investments. Not valid under new tax regime.