Ans.The deduction for home loan can be claimed under 3 different sections as follows :
| Section | Amount of Deduction | Deduction Available on which amount |
|---|---|---|
| 80 C | Maximum Rs.150000 | Principal repayment of Home loan |
| 24 | Maximum Rs.200000(For Self Occupied House Property) No limit- For not self occupied house | Interest on Home loan |
| 80EE | Maximum Rs.50000 (For first time home buyers) | Interest on Home Loan provided the loan is sanctioned between 1.4.16 to 31.3.17 |
For further details regarding Home loans you can refer Home loans-Facts to know !