If you have taken a home loan from a Regd home loan provider, than you can get income tax rebate upto Rs 2,00,000 on interest paid and if this is your second home loan than you get full interest rebate irrespective of the amount.
Remember housing loan rebate is available only if you have the house under posession i.e. registry has been done in your name.
Check how taking a home loan with spouse can help you save more tax.
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