Income tax exemption (in India) for interest on second home loan
To sum up, income tax benefit on second home loan and the first home loan for principal repayment can be up to a maximum Rs 1.5 lakh under section 80C. Tax benefit of on interest payment: When considering home loan tax benefit on a second home, we also need to consider the deduction available on interest payment.
How much home loan can I get if my salary is 50000?
50,000, you can avail a loan amount of Rs. 37.28 Lakh for the same property.
Home loan eligibility based on salary.
| Age | Net monthly income (in Rs.) | |
|---|---|---|
| 25,000 – 50,000 | 75,000 | |
| 25 Years | 18.64 lakh – 37.28 lakh | 55.93 lakh |
| 30 Years | 18.64 lakh – 37.28 lakh | 55.93 lakh |
| 35 Years | 18.64 lakh – 37.28 lakh | 55.93 lakh |
What is the EMI for 20 lakhs home loan?
EMI Calculation for a 20 Lakh Home Loan with varying Tenors
| Loan Amount | Interest rate | EMI |
|---|---|---|
| Rs. 20 lakh | 6.75%* | Rs. 19,300 |
How much home loan can I get salary?
You are eligible for a home loan up to 60 times of your net salary or monthly income. For instance, if your net salary is Rs. 55,000, you will be eligible for a loan of approximately Rs 33 lakhs. The lending bank will exclude medical and leave travel allowances, for they are meant for specific purposes.