At the end of the financial year you need to submit your home loan statement to the Income Tax Department to avail tax benefits.
You can save tax on the Principal paid under Section 80C and on the interest under Section 80E. Section 80C limits the maximum saving to Rs.1 Lakh where Section 80E allows up to Rs.1.5 Lakhs.
For more details on the tax savings options on home loan read our article How to save maximum income tax.
How to generate loan statement online?
Generating Provisional Interest Certificate Online is very easy. Log on to your State Bank of India account using this link and go to Enquiries->Home Loan Int. Cert. Select your home loan account and download the Tax Certificate for your income tax filing needs.
Housing Loan Interest Certificate for Maxgain accounts
SBI Maxgain account is an innovative offering from SBI, which ideally is an overdraft account, allows you to park your surplus funds into this account and thus reduces your interest burden.
You can operate a Maxgain account like any other Savings or Current account, download statements, transfer funds online etc.
Only problem with this account is you cannot generate Housing Loan Interest Certificate online. You have to go to your home branch where you availed your loan and request for an interest certificate to claim tax savings.
Tags: Finance | Home and Entertainment | Internet