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What are the tax benefits available on a home improvement loan?

April 26, 2017Benefits home center home improvement loan tax

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What are the tax benefits available on a home improvement loan?

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Tax benefits on interest payment Only owners of the home (or co-owners) are eligible for any tax benefits in respect of interest payable on a loan taken to renovate a house property. Tax benefits on principal repayment In the case of principal repayment taken on a loan for renovation of a house property, it is not eligible for any tax benefit. A home improvement loan is distinct from a loan taken to acquire/construct a house property.