Home Loan Tax Rebate Calculator 2015 – 2016; self-occupied, rented out, second home, vacant home

Last Updated 19th Feb 2017
Now you can easily calculate the tax rebate and benefit available on principal repaid under section 80C, interest paid under section 24 and income from rented out home property under chapter 6 of the Indian Income Tax Act, as per amendments proposed by the Union Budget 2015-2016 by Union Finance Minister Mr. Arun Jaitley. Plan your other investments and advance tax payments accordingly with ease.
Property Type

Self Occupied

Vacant, claiming HRA deduction as staying in different city for work

Rented Out

Vacant for any other reason but not claiming HRA benefit

Financial year

2014 - 15

2015 - 16

verification image, type it in the box

Tax Deduction available on your home loan

  • Borrower age assumed upto 60 years. For senior citizens, maximum limit u/s 80C (FY2014-15) is Rs. 200000 instead of Rs. 150000/-
  • For jointly owned properties, principal repaid, interest paid, rental and deemed rental to be taken in proportion of each owner's share. Limits as above applicable to each joint owner and not on a property
  • Loss on house property is available for both residential and commercial properties
  • Above calculations are indicative in nature and exact deductions allowable may vary from case to case. Consult your tax advisor before claiming above deductions

*Myloancare is a bank neutral platform and channel partner of multiple banks and lenders. Myloancare does not represent any government, government body, regulator, bank, lender or credit information bureau. Information carried at this website is based on perusal of public sources, is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information, FAQ’s, graphics, images, text, and/ or various tools and calculators (together called “Information”) carried at the website. Lenders/ banks may contact us at info@myloancare.in to provide corrections or updates.

Tax Rebate Calculator News - Feb 2017
17th Feb 17 Affordable housing segment to get better returns in FY18
Government has recently introduced a series of reform to encourage affordable housing segment in India. Several measures such as granting infrastructure status to real estate and launch of new regulatory act for realty sector are likely to benefit the real estate developers and investors operating in the affordable housing segment.
17th Feb 17 Scheme with interest subsidy on housing loan to be applicable from 1st January, 2017
Prime Minister of India had announced a special home loan interest subsidy of up to 4 percent for buyers or owners of affordable and middle income houses on 31st January, 2016. The scheme is expected to be operational from 1st January, 2017. Home loan borrowers with loans of less than Rs 18 lakh sanctioned after 1st January, 2017 can avail the benefit of interest subsidy under the scheme. Unmarried and earning young adults intending to acquire a new house including repurchase are also eligible for the benefit. Under the scheme, flats measuring up to 960 sqft and 1,184 sqft will attract interest subsidy of 3 and 4 percent respectively.
16th Feb 17 Home loan growth is likely to be lowerat 16 to18 percent in FY17
ICRA, a leading credit rating agency has revised its home loan growth targets downward by 2 percent from its earlier projections of 18 to 20 percent to 16 to 18 percent in FY17. As per its report, total housing credit outstanding in India in September, 2016 witnessed an 18 percent growth on a year on year basis and stood at Rs 13.3 lakh crore as compared to 19 percent in March, 2016 when it stood at 12.4 lakh crore. The growth could be impact by investors and buyers are expected to defer their purchase decision in expectation of a decline in real estate prices.
15th Feb 17 HDFC Ltd to raise Rs. 5,000 crore via Masala Bonds
HDFC Ltd is planning to raise funds worth Rs. 5,000 from international investors via Masala Bonds. The bonds with a tenure of three years are expected to be issued in FY17. The bank plans to utilise the funds for funding growth in its home loan business.
14th Feb 17 Sunteck Realty to invest Rs. 1000 crore in affordable housing segment
Suntech Reality, Mumbai based realty firm, is planning to invest funds worth Rs. 1000 crore in affordable housing projects, its new business vertical. The new vertical is likely to bring higher volumes for the company and also help in business diversification. The realty firm is expected to focus on the geographies of Navi Mumbai, Thane, Kalyan and the locations near Mumbai.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.