{"id":10287,"date":"2026-06-10T06:49:01","date_gmt":"2026-06-10T06:49:01","guid":{"rendered":"https:\/\/housiey.com\/blogs\/?p=10287"},"modified":"2026-06-10T06:49:01","modified_gmt":"2026-06-10T06:49:01","slug":"2-67-lakh-home-loan-subsidy-are-you-eligible","status":"publish","type":"post","link":"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible","title":{"rendered":"First-Time Buyer? Government Schemes That Can Save You \u20b92.67 Lakh on a Home Loan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Quick_Answer\" >Quick Answer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Introduction\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Market_Snapshot_Table\" >Market Snapshot Table<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Why_Does_the_Government_Offer_Special_Benefits_to_First-Time_Homebuyers\" >Why Does the Government Offer Special Benefits to First-Time Homebuyers?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#What_Was_the_PMAY_Credit_Linked_Subsidy_Scheme_CLSS\" >What Was the PMAY Credit Linked Subsidy Scheme (CLSS)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#How_Did_CLSS_Help_Buyers_Save_Up_to_%E2%82%B9267_Lakh\" >How Did CLSS Help Buyers Save Up to \u20b92.67 Lakh?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#What_Are_the_Current_Tax_Benefits_Available_for_First-Time_Homebuyers\" >What Are the Current Tax Benefits Available for First-Time Homebuyers?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Section_80C_Deduction_on_Principal_Repayment\" >Section 80C: Deduction on Principal Repayment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Section_24b_Deduction_on_Home_Loan_Interest\" >Section 24(b): Deduction on Home Loan Interest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Section_80EEA_Additional_Benefit_for_Affordable_Housing\" >Section 80EEA: Additional Benefit for Affordable Housing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Additional_Deduction\" >Additional Deduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Can_You_Claim_Multiple_Tax_Benefits_Together\" >Can You Claim Multiple Tax Benefits Together?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#What_Is_Affordable_Housing\" >What Is Affordable Housing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Buyer_Insights_Who_Benefits_the_Most\" >Buyer Insights: Who Benefits the Most?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Salaried_Professionals\" >Salaried Professionals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Young_Couples\" >Young Couples<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#First-Time_Buyers\" >First-Time Buyers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Affordable_Housing_Purchasers\" >Affordable Housing Purchasers<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#How_Can_Joint_Home_Loans_Increase_Savings\" >How Can Joint Home Loans Increase Savings?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#What_Documents_Should_You_Keep_Ready\" >What Documents Should You Keep Ready?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Common_Mistakes_First-Time_Buyers_Make\" >Common Mistakes First-Time Buyers Make<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Ignoring_Available_Tax_Benefits\" >Ignoring Available Tax Benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Not_Verifying_Scheme_Eligibility\" >Not Verifying Scheme Eligibility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Delaying_Tax_Planning\" >Delaying Tax Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Purchasing_Beyond_Budget\" >Purchasing Beyond Budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Overlooking_Total_Ownership_Cost\" >Overlooking Total Ownership Cost<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#How_Can_First-Time_Buyers_Maximize_Their_Savings\" >How Can First-Time Buyers Maximize Their Savings?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Opt_for_Joint_Ownership_Where_Appropriate\" >Opt for Joint Ownership Where Appropriate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Maintain_Proper_Records\" >Maintain Proper Records<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Compare_Lenders_Carefully\" >Compare Lenders Carefully<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Consult_a_Tax_Professional\" >Consult a Tax Professional<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Why_Buyers_Choose_Housiey\" >Why Buyers Choose Housiey<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Quick_Answer\"><\/span><strong>Quick Answer<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Buying your first home is one of the biggest financial decisions of your life. Fortunately, the Indian government offers several schemes and tax benefits that can significantly reduce your home-buying cost. Through initiatives such as the Credit Linked Subsidy Scheme (CLSS) under <strong><a href=\"https:\/\/housiey.com\/blogs\/can-you-apply-for-pmay-after-a-home-loan-transfer-and-disbursement-a-complete-2026-guide-for-homebuyers\">PMAY<\/a> <\/strong>(for eligible beneficiaries), tax deductions under Sections 80C, 24(b), and 80EEA, first-time homebuyers can potentially save up to \u20b92.67 lakh or more over time on their home loan burden. Understanding these schemes can help you make a smarter and more affordable property purchase.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For most Indians, owning a home is not just a financial milestone but also an emotional achievement. However, with rising property prices, increasing construction costs, and higher home loan obligations, purchasing a house can seem financially overwhelming, especially for first-time buyers.<\/p>\n<p>To encourage homeownership and support the housing sector, the <strong><a href=\"https:\/\/housiey.com\/blogs\/category\/pathshala\/government-schemes\">Government of India has introduced multiple schemes<\/a> <\/strong>and tax incentives designed specifically to reduce the financial burden on homebuyers. These benefits range from direct interest subsidies on home loans to tax deductions that lower your annual taxable income.<\/p>\n<p>Many first-time buyers are unaware that they may be eligible for substantial savings simply by understanding and utilizing these government-backed benefits correctly. In some cases, the combined impact of subsidies and tax deductions can result in savings worth lakhs of rupees throughout the loan tenure.<\/p>\n<p>In this guide, we will explore the most important government schemes, eligibility requirements, tax benefits, and practical ways first-time homebuyers can maximize their savings while purchasing their dream home.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Snapshot_Table\"><\/span><strong>Market Snapshot Table<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"height: 674px\" width=\"1156\">\n<tbody>\n<tr>\n<td width=\"161\">\n<p style=\"text-align: center\"><strong>Particulars<\/strong><\/p>\n<\/td>\n<td width=\"307\">\n<p style=\"text-align: center\"><strong>Details<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"161\">Target Audience<\/td>\n<td width=\"307\">First-Time Homebuyers<\/td>\n<\/tr>\n<tr>\n<td width=\"161\">Major Benefit Categories<\/td>\n<td width=\"307\">Interest Subsidies &amp; Tax Deductions<\/td>\n<\/tr>\n<tr>\n<td width=\"161\">Potential Savings<\/td>\n<td width=\"307\">Up to \u20b92.67 lakh or more (depending on eligibility)<\/td>\n<\/tr>\n<tr>\n<td width=\"161\">Applicable Property Types<\/td>\n<td width=\"307\">Residential Properties<\/td>\n<\/tr>\n<tr>\n<td width=\"161\">Loan Requirement<\/td>\n<td width=\"307\">Home Loan from Eligible Financial Institutions<\/td>\n<\/tr>\n<tr>\n<td width=\"161\">Tax Benefit Sections<\/td>\n<td width=\"307\">80C, 24(b), 80EEA<\/td>\n<\/tr>\n<tr>\n<td width=\"161\">Government Objective<\/td>\n<td width=\"307\">Promote Affordable Housing and Homeownership<\/td>\n<\/tr>\n<tr>\n<td width=\"161\">Best For<\/td>\n<td width=\"307\">Salaried and Self-Employed Homebuyers<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Why_Does_the_Government_Offer_Special_Benefits_to_First-Time_Homebuyers\"><\/span><strong>Why Does the Government Offer Special Benefits to First-Time Homebuyers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The housing sector contributes significantly to India&#8217;s economy and employment generation. By encouraging homeownership, the government aims to:<\/p>\n<ul>\n<li>Increase affordable housing penetration.<\/li>\n<li>Improve living standards.<\/li>\n<li>Promote planned urban development.<\/li>\n<li>Boost economic growth.<\/li>\n<li>Support middle-income and lower-income families.<\/li>\n<\/ul>\n<p>As a result, various financial incentives have been introduced to make homeownership more accessible.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Was_the_PMAY_Credit_Linked_Subsidy_Scheme_CLSS\"><\/span><strong>What Was the PMAY Credit Linked Subsidy Scheme (CLSS)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong><a href=\"https:\/\/housiey.com\/blogs\/apply-for-pradhan-mantri-awas-yojana-online-eligibility-process-and-benefits\">Pradhan Mantri Awas Yojana<\/a><\/strong> (PMAY) introduced the Credit Linked Subsidy Scheme (CLSS), which offered interest subsidies on home loans to eligible beneficiaries.<\/p>\n<p>Under this scheme, the subsidy amount was credited directly to the borrower&#8217;s loan account, reducing the principal outstanding and consequently lowering EMI obligations.<\/p>\n<p>Although the original CLSS implementation period concluded, understanding its structure remains important because future affordable housing initiatives often follow similar frameworks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Did_CLSS_Help_Buyers_Save_Up_to_%E2%82%B9267_Lakh\"><\/span><strong>How Did CLSS Help Buyers Save Up to \u20b92.67 Lakh?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the biggest attractions of the scheme was the interest subsidy benefit.<\/p>\n<p>Eligible beneficiaries could receive:<\/p>\n<table style=\"height: 297px\" width=\"1155\">\n<tbody>\n<tr>\n<td width=\"114\">\n<p style=\"text-align: center\"><strong>Category<\/strong><\/p>\n<\/td>\n<td width=\"169\">\n<p style=\"text-align: center\"><strong>Maximum Interest Subsidy<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"114\">EWS\/LIG Category<\/td>\n<td width=\"169\">Up to \u20b92.67 lakh<\/td>\n<\/tr>\n<tr>\n<td width=\"114\">MIG-I Category<\/td>\n<td width=\"169\">Up to \u20b92.35 lakh<\/td>\n<\/tr>\n<tr>\n<td width=\"114\">MIG-II Category<\/td>\n<td width=\"169\">Up to \u20b92.30 lakh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The subsidy amount was calculated based on:<\/p>\n<ul>\n<li>Family income.<\/li>\n<li>Loan amount.<\/li>\n<li>Carpet area.<\/li>\n<li>Property eligibility.<\/li>\n<li>Applicable subsidy rate.<\/li>\n<\/ul>\n<p>This is where the commonly quoted figure of \u20b92.67 lakh savings originated.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_the_Current_Tax_Benefits_Available_for_First-Time_Homebuyers\"><\/span><strong>What Are the Current Tax Benefits Available for First-Time Homebuyers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Even if subsidy-based schemes are unavailable or limited, tax benefits continue to provide substantial savings.<\/p>\n<p>Let&#8217;s understand them in detail.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Section_80C_Deduction_on_Principal_Repayment\"><\/span><strong>Section 80C: Deduction on Principal Repayment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Under Section 80C of the Income Tax Act, homebuyers can claim deductions on principal repayment.<\/p>\n<p><strong>Maximum Deduction<\/strong><\/p>\n<p>\u20b91.5 lakh per financial year.<\/p>\n<p><strong>Eligible Components<\/strong><\/p>\n<ul>\n<li>Principal repayment of home loan.<\/li>\n<li>Stamp duty charges.<\/li>\n<li>Registration charges.<\/li>\n<\/ul>\n<p><strong>Important Condition<\/strong><\/p>\n<p>The property should not be sold within five years of possession.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Section_24b_Deduction_on_Home_Loan_Interest\"><\/span><strong>Section 24(b): Deduction on Home Loan Interest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Section 24(b) allows deductions on interest paid toward a home loan.<\/p>\n<p><strong>Maximum Deduction<\/strong><\/p>\n<p>Up to \u20b92 lakh annually for self-occupied properties.<\/p>\n<p><strong>Benefits<\/strong><\/p>\n<ul>\n<li>Reduces taxable income.<\/li>\n<li>Lowers effective borrowing cost.<\/li>\n<li>Provides annual savings throughout the loan tenure.<\/li>\n<\/ul>\n<p>For many homeowners, this becomes one of the largest long-term financial advantages.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Section_80EEA_Additional_Benefit_for_Affordable_Housing\"><\/span><strong>Section 80EEA: Additional Benefit for Affordable Housing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>First-time homebuyers purchasing affordable housing may qualify for an additional deduction under Section 80EEA.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Additional_Deduction\"><\/span><strong>Additional Deduction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Up to \u20b91.5 lakh on interest payments.<\/p>\n<p><strong>Key Conditions<\/strong><\/p>\n<ul>\n<li>Buyer should not own another residential property at the time of loan sanction.<\/li>\n<li>Property should meet the affordable housing criteria applicable under the provision.<\/li>\n<li>Home loan must be sanctioned within the prescribed timelines notified by the government.<\/li>\n<\/ul>\n<p>This deduction is over and above Section 24(b) benefits.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Can_You_Claim_Multiple_Tax_Benefits_Together\"><\/span><strong>Can You Claim Multiple Tax Benefits Together?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Yes.<\/p>\n<p>A first-time homebuyer may be able to claim:<\/p>\n<table style=\"height: 325px\" width=\"1164\">\n<tbody>\n<tr>\n<td width=\"91\">\n<p style=\"text-align: center\"><strong>Tax Section<\/strong><\/p>\n<\/td>\n<td width=\"135\">\n<p style=\"text-align: center\"><strong>Maximum Deduction<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"91\">Section 80C<\/td>\n<td width=\"135\">\u20b91.5 lakh<\/td>\n<\/tr>\n<tr>\n<td width=\"91\">Section 24(b)<\/td>\n<td width=\"135\">\u20b92 lakh<\/td>\n<\/tr>\n<tr>\n<td width=\"91\">Section 80EEA<\/td>\n<td width=\"135\">\u20b91.5 lakh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Combined, these deductions can significantly reduce annual tax liability, depending on individual eligibility and applicable tax regime rules.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Affordable_Housing\"><\/span><strong>What Is Affordable Housing?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Affordable housing generally refers to homes that meet government-prescribed criteria relating to:<\/p>\n<ul>\n<li>Property value.<\/li>\n<li>Carpet area.<\/li>\n<li>Buyer eligibility.<\/li>\n<li>Location parameters.<\/li>\n<\/ul>\n<p>Affordable housing policies are periodically revised, making it important to verify current eligibility conditions before purchasing.<\/p>\n<p><strong>Also Read:-\u00a0<a href=\"https:\/\/housiey.com\/blogs\/how-does-the-rera-carpet-area-rule-save-you-lakhs\">How Does the RERA Carpet Area Rule Save You Lakhs?<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Buyer_Insights_Who_Benefits_the_Most\"><\/span><strong>Buyer Insights: Who Benefits the Most?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Certain categories of buyers tend to gain maximum advantage from government incentives.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Salaried_Professionals\"><\/span><strong>Salaried Professionals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Tax deductions can substantially reduce annual tax outgo.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Young_Couples\"><\/span><strong>Young Couples<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Dual-income households often qualify for higher loan eligibility while benefiting from tax deductions.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"First-Time_Buyers\"><\/span><strong>First-Time Buyers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>They receive the maximum advantage through dedicated housing incentives.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Affordable_Housing_Purchasers\"><\/span><strong>Affordable Housing Purchasers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>They often become eligible for additional government-backed benefits.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_Can_Joint_Home_Loans_Increase_Savings\"><\/span><strong>How Can Joint Home Loans Increase Savings?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Joint home loans offer multiple advantages:<\/p>\n<ul>\n<li>Higher loan eligibility.<\/li>\n<li>Shared repayment responsibility.<\/li>\n<li>Separate tax deductions for co-borrowers.<\/li>\n<li>Improved affordability.<\/li>\n<\/ul>\n<p>If both borrowers satisfy eligibility conditions and contribute to repayment, each can claim applicable tax benefits separately.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Documents_Should_You_Keep_Ready\"><\/span><strong>What Documents Should You Keep Ready?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To claim home loan benefits smoothly, maintain:<\/p>\n<ul>\n<li>Loan sanction letter.<\/li>\n<li>Interest certificate.<\/li>\n<li>Principal repayment certificate.<\/li>\n<li><strong><a href=\"https:\/\/housiey.com\/blogs\/how-to-verify-property-documents-before-buying\">Property registration documents<\/a><\/strong>.<\/li>\n<li>Possession certificate.<\/li>\n<li>Tax payment receipts.<\/li>\n<\/ul>\n<p>Proper documentation ensures seamless tax filing and compliance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Common_Mistakes_First-Time_Buyers_Make\"><\/span><strong>Common Mistakes First-Time Buyers Make<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Ignoring_Available_Tax_Benefits\"><\/span><strong>Ignoring Available Tax Benefits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Many buyers claim only one deduction while missing additional eligible benefits.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Not_Verifying_Scheme_Eligibility\"><\/span><strong>Not Verifying Scheme Eligibility<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Government schemes often have specific criteria that must be fulfilled.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Delaying_Tax_Planning\"><\/span><strong>Delaying Tax Planning<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Waiting until the end of the financial year can result in documentation issues.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Purchasing_Beyond_Budget\"><\/span><strong>Purchasing Beyond Budget<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Tax savings should complement affordability, not justify excessive borrowing.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Overlooking_Total_Ownership_Cost\"><\/span><strong>Overlooking Total Ownership Cost<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Maintenance charges, taxes, insurance, and furnishing expenses should also be considered.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_Can_First-Time_Buyers_Maximize_Their_Savings\"><\/span><strong>How Can First-Time Buyers Maximize Their Savings?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Choose an Eligible Affordable Housing Project<\/strong><\/p>\n<ul>\n<li>This may improve access to government incentives and tax benefits.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Opt_for_Joint_Ownership_Where_Appropriate\"><\/span><strong>Opt for Joint Ownership Where Appropriate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>It can increase overall tax-saving opportunities.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Maintain_Proper_Records\"><\/span><strong>Maintain Proper Records<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Documentation is critical during tax filing.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Compare_Lenders_Carefully\"><\/span><strong>Compare Lenders Carefully<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Even a slightly lower interest rate can save lakhs over the loan tenure.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Consult_a_Tax_Professional\"><\/span><strong>Consult a Tax Professional<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Professional guidance helps ensure all eligible deductions are utilized correctly.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Buyers_Choose_Housiey\"><\/span><strong>Why Buyers Choose Housiey<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Finding the right home is just as important as securing the right financial benefits.<\/p>\n<p>Housiey helps buyers connect directly with builders, eliminating unnecessary middlemen and making the property search process more transparent. Buyers can explore projects, compare options, understand amenities, and receive assistance throughout the home-buying journey without having their contact information circulated among multiple brokers.<\/p>\n<p>Whether you are <strong><a href=\"https:\/\/housiey.com\/blogs\/important-21-questions-to-ask-when-buying-a-new-house\">purchasing your first home<\/a> <\/strong>or exploring affordable housing options, making an informed decision becomes easier with expert guidance and verified project information.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Purchasing your first home can feel financially intimidating, but government initiatives and <strong><a href=\"https:\/\/housiey.com\/blogs\/homebuyers-can-now-enjoy-tax-benefits-on-two-owned-properties\">tax benefits<\/a> <\/strong>can significantly reduce the burden. From the historic CLSS subsidy of up to \u20b92.67 lakh to ongoing tax deductions under Sections 80C, 24(b), and 80EEA, first-time homebuyers have several opportunities to save money and improve affordability.<\/p>\n<p>The key lies in understanding eligibility requirements, maintaining proper documentation, and planning your finances strategically before purchasing. While government schemes can provide substantial relief, buyers should always prioritize choosing a property that aligns with their long-term financial goals and lifestyle needs.<\/p>\n<p>A well-planned home purchase not only helps you build wealth but also ensures that your dream of homeownership becomes a financially sustainable reality.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span><strong>Key Takeaways<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>First-time homebuyers can benefit from various government-backed housing incentives.<\/li>\n<li>The PMAY-CLSS scheme historically offered interest subsidies of up to \u20b92.67 lakh for eligible beneficiaries.<\/li>\n<li>Section 80C allows tax deductions of up to \u20b91.5 lakh on principal repayment.<\/li>\n<li>Section 24(b) provides up to \u20b92 lakh deduction on home loan interest.<\/li>\n<li>Section 80EEA offers an additional deduction of up to \u20b91.5 lakh for eligible affordable housing purchases.<\/li>\n<li>Joint home loans can help increase overall tax savings.<\/li>\n<li>Proper documentation is essential for claiming benefits.<\/li>\n<li>Tax incentives should supplement affordability rather than encourage excessive borrowing.<\/li>\n<li>Affordable housing projects often provide additional financial advantages.<\/li>\n<li>Strategic planning can save homebuyers several lakhs over the loan tenure.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Ministry of Housing and Urban Affairs (MoHUA)<\/li>\n<li>Pradhan Mantri Awas Yojana (PMAY) Official Guidelines<\/li>\n<li>Income Tax Act, 1961<\/li>\n<li>Income Tax Department of India<\/li>\n<li>National Housing Bank (NHB)<\/li>\n<li>Reserve Bank of India (RBI)<\/li>\n<li>Ministry of Finance, Government of India<\/li>\n<li>Housing and Urban Development Corporation (HUDCO)<\/li>\n<li>Union Budget Documents and Housing Policy Announcements<\/li>\n<li>Parliamentary Reports on Affordable Housing Initiatives<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Quick Answer Buying your first home is one of the biggest financial decisions of your life. Fortunately, the Indian&hellip;<\/p>\n","protected":false},"author":5,"featured_media":10302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[81,78],"tags":[],"class_list":["post-10287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-loan","category-pathshala"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u20b92.67 Lakh Home Loan Subsidy \u2013 Are You Eligible?<\/title>\n<meta name=\"description\" content=\"Discover government schemes and tax benefits that can help first-time homebuyers save up to \u20b92.67 lakh and reduce their overall home loan burden.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housiey.com\/blogs\/2-67-lakh-home-loan-subsidy-are-you-eligible\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First-Time Buyer? 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