Can I get tax benefits on a Loan Against Property?
A loan against property is sanctioned against a property used as collateral with a lender. The lender decides the loan amount depending on the property value. Financial institutions usually provide up to 70% of the property value as the loan amount.
Bajaj Finserv offers the fasest Loan Against Property in India. The tax benefits that you can avail on the Loan Against Property depends on the end-use of the loan:
- Under Section 37 (1)
Under the Section 37 (1) of the Income Tax Act, you can get tax benefits on the interest paid for your Loan Against Property.
- Under Section 24
Under Section 24, you can get loan against property tax benefits on the interest paid on your loan if the funds are used for financing your new home. The maximum benefit that you can avail under this section is Rs. 2 lakh.
Additional Read: How to Avail Tax benefits on your Loan Against Property?
Some loan against property features that you can enjoy apart from tax benefits include:
- High Financing Amount
Get up to Rs. 3.5 crore with a mortgage loan if you are self-employed, and up to Rs. 1 crore if you are salaried.
- Extended Repayment Tenure
Repayment tenure ranges from 2 to 20 years if you are salaried, and 2 to 18 years if you are self-employed.
- Nominal Documents Requirement
The documents required for Loan Against Property are minimal. You can also avail our doorstep facility to submit the documents.
- Convenient Eligibility Criteria
You can easily fulfil the loan against property eligibility criteria. You must be between 33 and 55 years of age if you are salaried, and between 25 and 70 years if you are self-employed to apply for the loan. You must also have income stability and a good credit history.
- Quick Processing
Loans against property is processed within 72 hours of applying.
Know how to apply for loan against property today and find the loan amount disbursed to your account within 4 days after processing!