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What is Home loan? How it works for tax benifit? ?

Answers:1   |   LastAnswerAt:2009.12  

Question
visitor
rahulvaja2003 
Asked at 2009.12.18 23:47:00
I am planning to take a home loan but I don’t have much information. I want to know some information of my few ever queries as below
1) Home loan can be given only on ready-made home/pre owned home or empty plot-Land also? And will it be eligible for Tax benefit?
2) Please also let me know how tax befits works on home loan.
3) Which bank is best to take home loan in Ahmadabad/Gandhinagar.
4) Which Developer is best in Ahmadabad/Gandhinagar for bungalows/tenement house so I can contact directly them if they will assist and help me to take Home loan.
5) How much maximum loan given by banks. If it depends upon salary please provide some example.
6) How I come know that at what limit I am eligible for loan so I can go for search up to that much worth of property.

If anybody can help me will be much useful for me in near future. Thank you very much.
answer Jss  Answered at 2009.12.18 23:47:00
For home loan interest deduction under section 24(b) and capital deduction under 80C, read <a href="http://mytaxes.in/index.php?topic=9.0." rel="nofollow">http://mytaxes.in/index.php?topic=9.0.</a>
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