{"id":10198,"date":"2023-01-27T13:10:11","date_gmt":"2023-01-27T13:10:11","guid":{"rendered":"https:\/\/www.homebazaar.com\/knowledge\/?p=10198"},"modified":"2025-01-13T08:17:59","modified_gmt":"2025-01-13T08:17:59","slug":"how-many-home-loans-can-one-person-have","status":"publish","type":"post","link":"https:\/\/www.homebazaar.com\/knowledge\/how-many-home-loans-can-one-person-have\/","title":{"rendered":"How Many Home Loans Can One Person Have In 2025?"},"content":{"rendered":"

If you make wise choices along the way, purchasing numerous homes can be a terrific method for you to build your holdings and make money.\u00a0<\/span><\/p>\n

Before you make that leap, you might want to closely analyse your capacity for handling several mortgages and evaluate your level of experience.<\/span><\/p>\n

How Many Home Loans Can One Person Have?<\/b><\/h2>\n

Owning a home is something to be proud of, especially in major cities with expensive real estate. While some people must have a <\/span>home loan<\/span><\/a>, others plan ahead and make the appropriate investments.\u00a0<\/span><\/p>\n

People do contemplate seeking a second home loan after receiving the benefits of one, for a variety of reasons.<\/span><\/p>\n

There is no rule in India that prevents you from servicing more than 1 home loan at a time, so you can have whatever many you need.\u00a0<\/b><\/p>\n

\"How<\/p>\n

You can obtain five separate home loans from five separate lenders if you wish to buy a number of properties at once, let’s say 5.\u00a0<\/span><\/p>\n

However, you won’t be approved for a loan until your lender has carefully evaluated your eligibility for a house loan, particularly your ability to repay it.<\/span><\/p>\n

To get more than one home loan you must maintain an <\/span><\/i>excellent CIBIL<\/i><\/b> score. Also, the ratio of your debt to income must also be appropriate.<\/span><\/i><\/p>\n

Note:<\/strong>
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Top Banks for Home Loans in India<\/b><\/h2>\n

Here is the top bank to apply for a home loan in India.<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Banks<\/b><\/td>\nRate of Interest (P.A)<\/b><\/td>\n<\/tr>\n
SBI Home Loans<\/span><\/td>\n8.75%<\/span><\/td>\n<\/tr>\n
HDFC Home Loans<\/span><\/td>\n8.60%<\/span><\/td>\n<\/tr>\n
Axis Home Loans<\/span><\/td>\n8.65%<\/span><\/td>\n<\/tr>\n
LIC Home Loans<\/span><\/td>\n8.65%<\/span><\/td>\n<\/tr>\n
IDBI Home Loans<\/span><\/td>\n8.70%<\/span><\/td>\n<\/tr>\n
BOB Home Loans<\/span><\/td>\n8.20%<\/span><\/td>\n<\/tr>\n
Union Bank of India<\/span><\/td>\n8.20%<\/span><\/td>\n<\/tr>\n
Indiabulls Home Loans<\/span><\/td>\n8.70%<\/span><\/td>\n<\/tr>\n
Kotak Home Loans<\/span><\/td>\n8.49%<\/span><\/td>\n<\/tr>\n
IIFL Home Loans<\/span><\/td>\n8.20%<\/span><\/td>\n<\/tr>\n
L&T Home Loans<\/span><\/td>\n8.40%<\/span><\/td>\n<\/tr>\n
Yes Bank Home Loans<\/span><\/td>\n8.95%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

How Many Home Loans Are Eligible for Tax Exemption?<\/b><\/h2>\n

In India, there is not any regulation about having more than one home loan. <\/span>Any individual can opt for more than one home loan if fits the required eligibility criteria.\u00a0<\/b><\/p>\n

The tax deduction is available on more than 1 residential property.\u00a0<\/span><\/p>\n

It also makes no difference whether the residential properties are owned by the owner or rented out.<\/span><\/p>\n

In conclusion, section 80C allows income tax benefits for principal repayment on second and first home loans of up to a maximum of Rs 1.5 lakh.<\/span><\/p>\n

Tax Benefits on Second Home Loan<\/b><\/h2>\n

\"How<\/p>\n

In view of the tax advantages, the second house loan stands to reason, particularly if rented.<\/span><\/p>\n

Any individual can opt for a second house loan and claim Tax benefits.<\/span><\/p>\n

Deduction Under Section 80C<\/b><\/h3>\n

Principal and interest are the two components of mortgage payments.\u00a0<\/span><\/p>\n

Section 80C<\/a> provides for a deduction of up to <\/span>Rs 1.5 lakh<\/b> for principal repayment.<\/span><\/p>\n

The highest deduction for principal payments will never change, even if you have a second mortgage, and is Rs 1.5 lakh.<\/span><\/p>\n

Also keep in mind that assets like ELSS, life PPF, etc. consist of the 80C deduction. This deduction is available for several residential properties.\u00a0<\/span><\/p>\n

The self-occupation or rental status of the residential properties is also irrelevant.\u00a0<\/span><\/p>\n

In conclusion, the 80C section allows income tax advantage for maximum principal repayments on second & first mortgages of Rs 1.5 lakh.<\/b><\/p>\n

Tax Advantages Of Paying Interest<\/b><\/h3>\n

We must also take into account the interest payment deduction when evaluating the home loan tax advantage for a second home.\u00a0<\/span><\/p>\n

Section 24 provides for a deduction on interest payments. If you just own one home, you can deduct up to 2 lakh rupees from your interest payments.\u00a0<\/b><\/p>\n

There was no maximum amount that may be deducted for interest on a property that was rented out.\u00a0<\/span><\/p>\n

However, starting with the 2019 Budget, you can count your second home as self-occupied. Therefore, it cannot be considered let out even though it is vacant.\u00a0<\/span><\/p>\n

Let’s look at the tax advantages of second home loans in two separate scenarios.<\/span><\/p>\n