Cool Home Loan Interest Deduction Income Tax References. In such a case, the borrower can claim a tax deduction of up to rs 2 lakhs on home loan interest paid in a financial year under section 24b. However, higher limitations ($1 million ($500,000 if married filing.

The mortgage interest deduction allows you to reduce your taxable income by the amount of money you’ve paid in mortgage interest during the year. How to claim the mortgage interest deduction on your 2022 tax return choose a standard deduction or an itemized deduction. These home loan tax benefits.