The Income Tax Act of 1961 offers a number of home loan tax deductions and encourages residents to invest in real estate. Home loan borrowers should be aware of all available home loan tax deductions because doing so can allow you to significantly reduce your tax liability. Therefore, These are the tax benefits or income tax deductions on home loans that every home loan borrower should be aware of. Discount when paying the principal of the home loan In other words, The EMI you pay consists of two parts: the principal repayment and the interest…