Now another important aspect to be considered is the deduction which is available under Section 24(b) of the Income Tax Act and here one gets the benefit for paying interest on the home loan and this has got a special rebate and same is available under Sec 24 (b).

It is interesting to note that interest paid towards home loan is treated as an ‘expense’ under ‘Income from house property’ and is deductible under Section 24(b) from the total income of the assessee.

However just also note this point that maximum deduction permitted under this section is Rs.1.5L per annum.

Thus make use of the home loan and bask in glory as a penny saved is penny earned and one is able to atleast save anywhere between 1-2 EMI by way of income tax rebate depending on the tax slab a person is falling.

Thus make it a point to take a point to take a home loan and a strict no to personal loan.
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