How to optimise your tax saving using your home loan – ​Using your home loan smartly

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Not all borrowers are comfortable with a debt outstanding for longer time periods just for the sake of tax saving. Many look for ways to use their home loan in a way that it offers a combination of best tax saving and timely payment of debt.

If this is what you seek too, keeping the tenure short will help you keep the interest cost lower and pay off your loan quickly. However, once your annual interest outgo comes significantly below Rs 2 lakh you will have unused tax savings. If you wish to upgrade your house or plan to go for a second one, then you can utilise this residual tax saving avenue again.

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