A certificate of Interest for a home loan is a certificate of evidence provided by the lender. It contains the breakdown of interest and principal amount to be repaid.
The certificate lets you take advantage of tax deductions in your principal and monthly EMI payments.
Section 80C of the Income Tax Act authorises you to claim a deduction of up to ₹1.5 lakhs on the principal amount you have returned. The upper limit to the claim is ₹2 million. All this is possible only if you present a copy of your home loan certificate.
The certificate outlines the total money owed in the current year. It also describes the outstanding funds.
To get your Loan Interest Certificate from Axis bank visit the nearest branch, fill out and submit a home loan application. You can use your online account to check the application status.
Alternatively, you can get a temporary loan certificate for tax deductions.