Home loans offer tax deductions on both interest (Sec 24) and principal repayment (Sec 80C), helping borrowers save significantly.
Education loan interest is tax-deductible under Section 80E for up to 8 years, making higher education more affordable.
For business loans, interest paid is treated as a deductible expense, reducing taxable income for entrepreneurs.
Loans used for purposes like home renovation or business expenses can offer valuable tax deductions, making them a smart financial choice beyond just borrowing.
Using personal loans for home-related expenses or business can sometimes help avail tax benefits, if properly documented.