Buying home offers the advantage of providing us not only shelter but also tax benefits. Tax benefits can be claimed on principal as well as interest payment. Let’s take a look at how we can take advantage of such schemes and what should be the tax liabilities in different scenarios.

Buying home is a tough task. Home buyers have to first locate a city where they wish to live for most of their life, find the location within the city where they can afford, and finally apply for home loan to book home. There is lot of effort in locating right place, finding the right home, and surroundings to live in. There is another set of processes for home loan. The complexities involved in each of these steps are so much that buyers get bogged down by the sheer details and processes. While there is no help in finding the location and your dream home as individuals tastes differ, there are these helpful steps by banks to pre-approve the loan for individual buyers.