Buying a home is a big financial decision, and understanding your options for home loans and tax benefits can make the process smoother and more affordable. Merlin Avana, near Tollygunge Metro in South Kolkata, offers modern 2BHK, 3BHK, and 4BHK apartments that are eligible for standard home loan facilities and government-backed tax benefits.
Home Loan Options
Most leading banks and financial institutions in India provide home loans for apartments at Merlin Avana. These loans typically cover up to 80-90% of the property value, depending on the bank and your eligibility. Features often include:
- Flexible repayment tenure (up to 30 years)
- Competitive interest rates
- Easy online application and approval processes
Tax Benefits Under Section 80C
If you take a home loan, the principal repayment portion is eligible for deduction under Section 80C of the Income Tax Act, up to ₹1.5 lakh per financial year. This reduces your taxable income and makes homeownership more affordable over time.
Tax Benefits on Interest Payments Under Section 24
The interest paid on a home loan can be claimed as a deduction under Section 24, up to ₹2 lakh per year for a self-occupied property. For rented properties, the entire interest amount may be eligible for deduction, depending on your rental income and tax filing.
Additional Considerations
- Stamp Duty & Registration: You may also include stamp duty and registration charges in your loan, depending on bank policies.
- Loan Eligibility: Banks calculate eligibility based on income, credit history, and other financial obligations. It’s important to check pre-approval before finalizing the purchase.
- First-Time Homebuyer Benefits: Some banks and government schemes offer additional benefits to first-time buyers.
Understanding home loan options and tax benefits can make buying a flat in Merlin Avana more manageable and cost-effective. With careful planning, you can enjoy a premium South Kolkata lifestyle while optimizing your financial benefits.