00:00benefits for first-time homebuyers in india
00:12for many people owning a home has always been a lifelong dream
00:19yet it can be difficult for first-time homebuyers to grasp financing criteria or arrange their
00:24budget luckily there are certain benefits available to first-time homebuyers that encourage
00:31them to make significant real estate investments so what benefits do first-time homebuyers get
00:37the indian government has implemented a number of intriguing policies such as tax benefits and
00:45other incentives to encourage first-time homebuyers and provide them the chance to invest in real
00:49estate let's take a look at them now first is the section 8 tc you can avail tax benefits up to
01:00rupees 1.5 lakhs on a home loans principal payments however only completed residences that were under
01:08possession for a minimum of five years from the date of purchase are eligible for this deduction
01:12you can also benefit from the section 24
01:17first-time homebuyers in india who pay interest on a home loan may also be eligible for interest
01:27deductions of up to rupees 2 lakhs per year
01:29this is only applicable if the residence is owned rather than rented
01:36through repayment of the loan's interest you can additionally claim an extra tax benefit of 50 000
01:43rupees another benefit is the section 80 eea
01:48you can deduct an additional 1.5 lakhs from the interest on your home loan
01:55in addition to the 2 lakhs allowed by section 80
01:58only first-time homebuyers are eligible for this extra deduction advantage
02:04last but definitely not the least is the pradhan mantri avas yorjana
02:09first-time homebuyers from lower and middle income households with a maximum family income
02:15of rupees 18 lakhs are benefited by this program discount rates to the main sum will depend on the
02:21income as a first-time homebuyer you could leverage the perks of buying a home in india by taking full
02:28advantage of these government initiatives for more benefits read our blog by following the link in
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