I took home lone for purchase of land and for the construction of a house. But the amount sanction for house construction is not sufficient to complete the construction and for other furbishments. I am thinking of taking home improvement/extension loan which as I know is separate from the home loan. Can I get the tax benefit on this new loan for house improvement. Please clarify this.
RE:Tax benefit on home improvement/extension loan
by Veera on Oct 08, 2005 01:16 PM Permalink
This additional loan you get is called Top Up Loan. You cannot claim tax benefits for this Top Up Loan.
RE:Tax benefit on home improvement/extension loan
by jagannathan on Nov 17, 2005 05:09 PM Permalink
If you are planning to go for the extension of loan yes you can otherwise not pssible.
