How LIC loan calculator can save you on taxes?

 Every young professional desires of buying a dream house and this remains on the top of priority list. However, a lot of domestic as well as professional responsibilities keeps holding them back and thus, their dreams are left being ‘Dreams’ only. Eventually considering such a scenario, LIC has come up with housing finance schemes, so that no one has to ever give up on their desires of having a beautiful home.

A home is a place where you share the moments of joy and sorrow with your loved ones, while coping with the roughest patch of life all together. Although, buying a home through housing finance is definitely convenient, but it comes along with certain financial responsibilities as well. A borrower is required to make timely installment payments against the LIC home loan. In the process, LIC home loan calculator plays a significant role in setting up a budget and going with a strategic financial plan in a long run.  

Since the home loan quantum is quite high and so does the EMIs and not going with strategic financial planning could trigger monetary imbalance and mental pressure. Therefore, it could be hard to overlook the importance of LIC loan calculator in order to keep financial responsibilities balanced.

Moreover, home loan EMI calculator provides clearer picture and a payment breakthrough about how much a borrower would be paying towards principal loan amount and the interest during the entire tenure. Thus, LIC home loan calculator clearly helps you to figure out the cost of monthly installments as well as the total interest payable. No doubt, high installment costs could put some financial pressure on your cash flows, but the good news is that you can claim tax benefits on home loan to ease down the financial stress.

Yes, you read it right; your home loan is eligible for tax deductions. And, as you know the exact principal and interest payable during the entire tenure, you can easily evaluate how much you can claim for deductions in your income tax.

1. Tax deductions on principal amount – Borrowers can avail tax benefits under Section 80C for up to Rs.1.5 lakhs for the amount payable as principal. Although to claim the benefits, a borrower is required to submit verified home loan documents. 
2. Tax exemptions on fees and charges – Any amount payable on home loan processing fees, stamp duty charges, and registration fees are also eligible for tax exemptions under Section 80C.
3. Tax deductions on home loan interest – Besides tax benefits on the principal amount, borrowers are eligible for tax benefits of up to Rs.2 lakh for interest payable on home loan. 

For more details, visit https://www.applykaroo.com/emi-calculator.