I took a home loan to purchase a property in February 2013. The construction is continuing, as are my EMIs. It is expected that construction will be over in May 2016. For the last two years, I have received a rebate only for the principal amount and not the interest. I want to know when I will get rebate on the interest paid during 2014-15 and 2015-16. What is the proce- dure/rule please advise?
- Manik Tiwari I am assuming from your query that the property is still under construction and is likely to get ready this year. No deduction is available in respect of interest paid for any period unless the construction of the property is completed.