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Tata Capital > Blog > Loan on Property > Loan Against Property Tax Benefits: Full Guide

प्रॉपर्टीवर लोन

प्रॉपर्टी वर लोन टॅक्स लाभ: संपूर्ण गाईड

Loan Against Property Tax Benefits: Full Guide

Availing loans against properties, be the property is residential or commercial, is one of the oldest forms of credit. When a person can’t get a personal loan or business loan, keeping his existing property can get him credit from a financial institute. As the loan is availed against property, there are certain tax benefits that one can enjoy for the same. This article will give insight into the tax benefits on loans against property that are available in India and how one can make use of the same. 

प्रॉपर्टी वर लोन म्हणजे काय?

A loan against property is a secured loan where one keeps the property as collateral security for availing a loan. The value of the loan is derived as per the current valuation of the property. A certain percentage, say, for instance, 70% or 80% of the value of the property is disbursed as a loan amount to the applicant. The borrower can get a loan against property income tax benefits as well, unlike other types of loans.

Many people confuse mortgage loan income tax benefits with tax benefits for home entity loans. These two are not the same. The two loans are only different. A home entity loan is a home loan that one avails for building a home. At the same time, tax benefits on loans against property can be availed against loans taken by pledging the property which is already existing.

Tax Benefits under Income Tax Act for Loan Against Property

Tax provisionIncome tax implication on a Loan Against Property
Tax Exemptions Under Section 24(B)Tax deduction of up to Rs. 2 lakhs on the interest paid
Tax Exemptions Under Section 37(1)Rebate on the processing fee, documentation fee, and interest if the loan is used to meet business expenses

– सेक्शन 24(b)

Under this section, salaried borrowers can enjoy tax exemptions of up to Rs. 2 lakhs if they use the loan against property to buy a new residential property. To avail of this tax benefit, the loan must have been taken for the purpose of purchase, construction, or repair of a residential property. If you use the loan to purchase or construct a property, you can claim the deduction if the acquisition or construction is completed within 5 years of taking the loan.

– Section 37(1)

Under Section 37(1), you can claim tax benefits if you’ve taken the loan to meet business expenses. Borrowers can claim rebates on the processing fee, documentation fee, and even the interest paid on the loan amount. These amounts can be claimed as business expenses during the time of filing the claim. However, it’s important that the loan amount is exclusively used for the purpose of the business.

Eligibility criteria for availing tax benefits on Loan Against Property

To understand प्रॉपर्टी वर लोन वरील टॅक्स लाभ and determine लोन अगेंस्ट प्रॉपर्टीवर टॅक्स कसा सेव्ह करावा, it is important to review the eligibility conditions that must be met, which include:

  • The loan must be availed from a recognised financial institution or lender operating in India
  • Loan against property tax exemption is available only on the interest paid, not on the principal repayment
  • The borrowed amount should be used for eligible purposes such as business expansion, property purchase, construction, or renovation
  • Interest paid on a loan used for business or professional purposes can be claimed as a deductible expense
  • For personal use, interest deduction is allowed under Section 24(b) only if the funds are used for acquiring or improving a residential property
  • The borrower must be the legal owner or co-owner of the mortgaged property
  • Proper loan statements and proof of end-use must be maintained to claim tax benefits
  • The loan must be actively serviced during the relevant financial year

Documentation required to claim tax exemptions on Loan Against Property

To successfully claim tax benefits on loan against property and understand how to save tax on loan against property, keeping the correct documents in place is essential, which include:

  • Loan sanction letter issued by the lender
  • Loan account statement showing interest paid during the financial year
  • Interest certificate from the lender to support loan against property tax exemption claims
  • Proof of end-use of funds, such as bills, invoices, or business expense records
  • Ownership documents of the mortgaged property, including sale deed or title deed
  • Construction, renovation, or property purchase receipts, if applicable
  • Business financial statements when claiming interest as a deductible expense
  • Income tax returns and computation statements reflecting the loan against property tax exemption claim

तसेच, वाचा –स्टेप बाय स्टेप प्रॉपर्टी वर लोन प्रोसेस

Section 37(1) vs Section 24(b): Detailed comparison for taxpayers

Depending on whether a loan supports business activities or residential property ownership, interest deductions fall under different sections, compared as follows:

Basis of comparisonSection 37(1)सेक्शन 24(b)
Applicable toBusiness owners and professionalsIndividual taxpayers owning house property
Purpose of loanLoan used for business or professional activitiesLoan used to acquire, construct, repair, or renovate residential property
Nature of deductionBusiness expense deductionIncome from house property deduction
Eligible amountEntire interest amount, if wholly for business useUp to ₹2 lakh for self-occupied property
Principal deductionलागू नाहीNot applicable under this section
Proof requiredBusiness expense records and loan statementsInterest certificate and property ownership proof
Income headProfits and Gains of Business or ProfessionIncome from House Property
SuitabilityIdeal for business-funded loan against propertySuitable for personal residential property loans

तसेच, वाचा – होम लोन वर्सिज प्रॉपर्टी वर लोन: फरक काय आहे?



Situations where Loan Against Property offers no tax exemption

While a loan against property comes with flexible usage, not all uses qualify for tax exemptions. Here are some situations that don’t qualify for tax exemptions:

-Loan used for non-housing purposes

If you use a loan against property for purposes other than purchasing, constructing, or repairing a residential property, the interest paid does not qualify for tax deductions under the Income Tax Act. The only exception is using the funds for business purposes, for which you can claim rebates by proving the funds were used to meet business expenses.

-Non-qualifying expenses

Although you can use the loan against property funds to meet various financial needs, expenses related to education, marriage, travel, or medical bills do not qualify for tax benefits. Therefore, it’s important to carefully understand the tax benefits and implications to select the best strategy for your situation and make informed decisions.

Mistakes to avoid when claiming tax benefits on Loan Against Property

While claiming tax benefits on loan against property can be an effective way to reduce liability and understand how to save tax on loan against property, certain common errors may lead to rejection of claims, making it important to avoid the following mistakes:

  • कपात म्हणून प्रिन्सिपल रिपेमेंटचा क्लेम करणे, जरी केवळ व्याज प्रॉपर्टी वर लोन टॅक्स सूट साठी पात्र आहे
  • लेंडरकडून योग्य लोन स्टेटमेंट आणि व्याज सर्टिफिकेट राखण्यात अयशस्वी
  • टॅक्स कपातीचा क्लेम करताना अपात्र उद्देशांसाठी लोन फंड वापरणे
  • इन्कम टॅक्स कायद्याच्या चुकीच्या सेक्शन अंतर्गत कपातीचा क्लेम करणे
  • अंतिम वापराचा पुरावा राखून न ठेवणे, विशेषत: बिझनेस संबंधित क्लेमसाठी
  • लागू कॅप्स तपासल्याशिवाय वैयक्तिक वापरासाठी अनलिमिटेड कपात गृहीत धरा
  • प्रॉपर्टीचे कायदेशीर मालक किंवा सह-मालक न राहता टॅक्स लाभ क्लेम करणे
  • Missing or delaying loan repayments during the relevant financial year

तसेच, वाचा –मला प्रॉपर्टी वर 100% लोन मिळू शकेल का?


Summary: Key tax and financial benefits of Loan Against Property

While an income tax rebate on a loan against property is one of the most important benefits of a loan against property, there are many other benefits that one can consider. 

-Large sanction: As a loan against property is a secured loan, the amount one can avail as a loan is quite large as around 70% to 75% of the property value can be sanctioned as a loan. So, if someone is looking for a loan for business growth or building a new residential property and is short of cash, then applying for a loan against property will help them get a fast loan along with income tax benefits for a loan against property.

-Lower interest rate: Since the borrower keeps property as collateral, the risk of the lender reduces if the borrower defaults on repaying the loan. This is why the interest rate is also lower for loans against property. So, one can not only enjoy tax benefits for loans against property. So, a loan against property can be used as a two-way sword that helps in saving interest as well as providing tax benefits. The borrower can save a lot compared to other types of loans where large amounts are sanctioned.

-Longer repayment tenure: Another benefit of availing of a loan against property is the longer repayment tenure. These loans can be paid over many years as per the borrower’s preference. Usually, no personal loans or business loans have much longer tenure. Since it is a secured loan, the tenure can be decided at per convenience of the borrower and stretched over many years. 

तसेच, वाचा – लोन अगेंस्ट प्रॉपर्टीसाठी एनबीएफसी ही सर्वोत्तम निवड का आहे?


निष्कर्ष

So, a loan against property can be used for tax savings as there are different tax rebates on loans against property. That said, the borrower must consider the use of the funds as that would determine his eligiblity for a loan against property for availing of the tax benefits. Availing of a loan against property from Tata Capital is comparatively easier as it is a secured loan and beneficial for the borrower at the same time for multiple aspects.

लोन अगेंस्ट प्रॉपर्टीसह फायनान्शियल संधी अनलॉक करा!

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लोकप्रिय शोध
गुवाहाटीमध्ये प्रॉपर्टी वर लोन कोयम्बतूरमध्ये प्रॉपर्टी वर लोन केरळमध्ये प्रॉपर्टी वर लोन म्हैसूरमध्ये प्रॉपर्टी वर लोन बंगळुरूमध्ये प्रॉपर्टी वर लोन तिरुचिरापल्ली मध्ये प्रॉपर्टी वर लोन मुंबईमध्ये प्रॉपर्टी वर लोन हैदराबादमध्ये प्रॉपर्टी वर लोन कोचीमध्ये प्रॉपर्टी वर लोन सूरतमध्ये प्रॉपर्टी वर लोन चेन्नईमध्ये प्रॉपर्टी वर लोन दिल्लीमध्ये प्रॉपर्टी वर लोन
लोन विषयी अधिक
प्रॉपर्टी वर लोन प्रॉपर्टी वर लोन साठी आवश्यक डॉक्युमेंट्स प्रॉपर्टी वर लोन व्याजदर प्रॉपर्टी वर लोन EMI कॅल्क्युलेटर LAP टर्म लोन प्रॉपर्टी वर लोन वर टॉप-अप प्रॉपर्टी वर लोन बॅलन्स ट्रान्सफर मायक्रो प्रॉपर्टी वर लोन

सामान्य प्रश्न

प्रॉपर्टी वर लोन टॅक्स पात्र आहे का?

नाही, प्रॉपर्टी वर लोन मधून प्राप्त झालेली लोन रक्कम टॅक्स पात्र इन्कम म्हणून विचारात घेतली जात नाही. हे सिक्युअर्ड लोन आहे आणि इन्कम टॅक्सच्या अधीन नाही. तथापि, जर तुम्ही लोन रक्कम (जसे की गुंतवणूक रिटर्न) वापरून कोणतेही इन्कम निर्माण केले तर ते टॅक्स पात्र असू शकते.

प्रॉपर्टी वर लोन 80C अंतर्गत येते का?

नाही, प्रॉपर्टी वर लोन 80C अंतर्गत येत नाही. सेक्शन 80C होम लोन, लाईफ विमा प्रीमियम आणि इतर निर्दिष्ट इन्व्हेस्टमेंटच्या प्रिन्सिपल रिपेमेंटसाठी टॅक्स कपात प्रदान करते.

लोन अगेंस्ट प्रॉपर्टीवर किती व्याज दिले जाते?

प्रॉपर्टी वर लोन वरील व्याजदर लेंडर, लोन रक्कम, कालावधी आणि तुमच्या क्रेडिट प्रोफाईलनुसार बदलतो. सामान्यपणे, लोन अगेंस्ट प्रॉपर्टीसाठी व्याजदर वार्षिक 8% आणि 15% दरम्यान असतात.

लोन अगेंस्ट प्रॉपर्टीसाठी किती ITR आवश्यक आहे?

बहुतांश लेंडर्सना प्रॉपर्टी वर लोन ॲप्लिकेशनवर प्रोसेस करण्यासाठी मागील 2-3 वर्षांसाठी त्यांचे ITR सबमिट करणे आवश्यक आहे. हे लेंडरला कर्जदाराच्या इन्कम स्थिरता आणि रिपेमेंट क्षमतेचे मूल्यांकन करण्यास मदत करते.

प्रॉपर्टी वर लोन होम लोनमध्ये रूपांतरित केले जाऊ शकते का?

नाही, प्रॉपर्टी वर लोन होम लोनमध्ये रूपांतरित करणे शक्य नाही. तथापि, जर तुम्हाला घर खरेदी किंवा बांधायचे असेल तर तुम्ही विद्यमान लोन बंद करू शकता आणि नवीन होम लोन घेऊ शकता.

वेतनधारी व्यक्ती भारतात लोन अगेंस्ट प्रॉपर्टीवर टॅक्स लाभ क्लेम करू शकतात का?

नाही, प्रॉपर्टी वर लोन होम लोनमध्ये रूपांतरित करणे शक्य नाही. तथापि, जर तुम्हाला घर खरेदी किंवा बांधायचे असेल तर तुम्ही विद्यमान लोन बंद करू शकता आणि नवीन होम लोन घेऊ शकता.

वेतनधारी व्यक्ती भारतात लोन अगेंस्ट प्रॉपर्टीवर टॅक्स लाभ क्लेम करू शकतात का?

होय, वेतनधारी व्यक्ती क्लेम करू शकतात प्रॉपर्टी वर लोन वरील टॅक्स लाभ जर पात्र उद्देशांसाठी इंटरेस्टचा वापर केला गेला असेल तर समजून घेण्यास मदत करते लोन अगेंस्ट प्रॉपर्टीवर टॅक्स कसा सेव्ह करावा.

प्रॉपर्टी वर लोन वरील प्रिन्सिपल रिपेमेंट इन्कम टॅक्स कपातीसाठी पात्र आहे का?

नाही, प्रिन्सिपल रिपेमेंट कपातयोग्य नाही. प्रॉपर्टी वर लोन टॅक्स सूट वापर आणि लागू इन्कम टॅक्स तरतुदींच्या अधीन केवळ भरलेल्या इंटरेस्टवर लागू होते.

सेक्शन 24(b) किंवा 37(1) अंतर्गत लोन अगेंस्ट प्रॉपर्टीसाठी टॅक्स लाभ क्लेम करण्यासाठी कोणते डॉक्युमेंट्स आवश्यक आहेत?

क्लेम करण्यासाठी लोन स्टेटमेंट, व्याज सर्टिफिकेट, अंतिम वापराचा पुरावा, प्रॉपर्टी मालकी डॉक्युमेंट्स आणि बिझनेस रेकॉर्ड आवश्यक आहेत प्रॉपर्टी वर लोन वरील टॅक्स लाभ योग्यरित्या.

Is there a difference in tax exemption between using the loan for business vs. personal use?

Yes, business use allows broader deductions under Section 37(1), while personal use has limits under Section 24(b).

What are the most common reasons for rejection of a tax benefit claim on loan against property?

Incorrect section claims, missing documents, ineligible fund usage, ownership issues, or claiming principal repayment often lead to rejection when learning लोन अगेंस्ट प्रॉपर्टीवर टॅक्स कसा सेव्ह करावा.

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