If you’ve taken a home loan, the Indian government allows you to claim tax benefits on your EMIs to reduce your total tax outgo. A typical EMI includes two parts – interest and principal, and both offer tax deductions under different sections of the Income Tax Act. ✅ Tax Benefits on Home Loan EMI: Interest Payment – Section 24(b) You can claim a deduction of up to ₹2,00,000 per year on the home loan interest component of your EMI under Section 24(b). ???? Tip: Use a home loan interest rate EMI calculator to estimate your monthly interest outgo. Principal Payment – Section 80C You can claim a deduction of up to ₹1,50,000 per year on the principal repayment part of your EMI under Section 80C. ???? This is also applicable if you use a home loan interest rate EMI calculator to track your repayment split. First-Time Home Buyers – Section 80EEA If this is your first home loan, you may get an additional deduction of ₹1.5 lakh on interest, subject to certain conditions.