Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
What are the deductions available for home loan repayments?
2 mins
3.3KIf you have taken a home loan, you may be eligible for deduction under section 80C and 24(b). While the principle you repay on the home loan is eligible for deduction under section 80C, homeowners can also avail tax deductions for up to a maximum of Rs. 2 lakhs on the interest paid against their home loan. Whether you reside in the residential property or leave it vacant, you are eligible to receive the amount mentioned above as tax deductions.
On the other hand, if you give out the property on rent, you can claim a deduction for the entire interest on the home loan. However, your deduction on the home loan interest repayment; however, can only be up to Rs. 30,000 instead of the higher limit of Rs. 2 lakhs, if both the following conditions are fulfilled: A) The home loan is taken on or after the 1st of April 1999 B) The purchase or construction of the property doesn't complete within 5 years after the financial year in which, the loan was availed
Tax Benefits on Home Loan Repayments for Joint Owners
If you have availed a home loan and are joint owners of a self-occupied house property with your spouse, you may claim a tax deduction of up to Rs. 2 lakhs each, on interest on the home loan. Also, you can each claim a deduction on principal repayments, registration charges and stamp duty, as joint owners, up to a maximum of Rs. 1.5 lakhs under Section 80C.
Moreover, these deductions may also be claimed in the same ratio as that of the share of ownership in the property. That said, if you have taken a home loan jointly but aren't a co-owner of the property, you are not eligible to claim the tax deductions.
It's also important to note that the tax deductions on both home loan interest and principal repayment under section 24B and 80C respectively, can only be claimed after the construction of the property is completed.
Suggested Plans
Related Posts
We foster an inclusive workplace where diverse perspectives thrive, and every individual feels valued, respected, and empowered.
Tax Hacks
What are the special income tax benefits for women?
4 mins
18.8K
Posted on: Jul 30, 2025
Tax Hacks
What is the section 10(10D) tax benefit of Generali Central Big Dreams Plan?
2 mins
3.9K
Posted on: Jul 22, 2025
Tax Hacks
Which Generali Central Life Insurance plan can give me section 80C tax benefits?
2 mins
2.9K
Posted on: Jul 22, 2025
Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central India Life Insurance.
Explore Knowledge Centre
From insurance basics to wealth-building strategies — everything you need, in one place.
Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
Subscribe to get our best content in your inbox
Subscribe to our newsletter and stay updated.