If you’re moving ahead to buy a house in Bhopal? Then there are several benefits which you’ll avail, especially if you’re taking an equity credit line for the acquisition. These first-time homebuyer benefits will be availed within the type of tax benefits.
An extra deduction on the equity credit line, those buying a house for the first time by availing of home loans are allowed to require tax benefits of up to Rs. 50,000 under Section 80 EE of the revenue enhancement Act, 1961. Right now, an equity credit line borrower paying interest on the house loan can claim a deduction on interest from his/her gross total income.
If you’re buying a house in Bhopal for the first time, you’ll be able to avail of advantages under Section 80GG of the revenue enhancement Act, 1961. This provides for deduction of any expenditure incurred by a private, above 10 percent of his total income for rent payment, for a furnished/unfurnished accommodation by him as his residence if he’s not granted HRA by his employer. (*The excess expenditure must not exceed Rs 2,000 per month or 25 percent of his total income for the year, whichever is a smaller amount.)
Also, the central government offers “Pradhan Mantri Awas Yojana” (PMAY) for the First-time home buyers from Economically Weaker Sections (EWS), Lower Income Group (LIG), and Middle Income Group (MIG) can avail of the tax subsidy offered on home loans under Pradhan Mantri Awas Yojana.
Here are some parameters for first-time home buyers’ benefits under Pradhan Mantri Awas Yojana (PMAY) and the loan to be granted.
• EWS – less than 6 lakhs
• LIG – no more than 9 lakhs
• MIG – no more than 12 lakhs
Q: Who is eligible for Pradhan Mantri Awas Yojana Scheme?
A: Those buying a home or a flat for the first time from any real estate company must be matching the income criteria below.
• EWS – Annual income below 3 lakhs annually.
• LIG – Annual income less than 6 lakhs annually.
• MIG – no more than 12 lakhs every year.
The first-time homebuyers must ensure that they retain the aforementioned at the time when applying for the scheme.
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