Want to renovate home? You can claim tax benefit on a top-up home loan

This benefit is, however, available only if the borrower uses the money for home repair and renovation

When an individual is looking to raise a large sum, a top-up home loan is the cheapest option available, with minimum paperwork require.d

Lenders don’t have a restriction on the end-use of the loan. It's as good as a personal loan at half the interest rate, and in some instances, it is eligible for a tax deduction.

The principle for availing tax benefit is the same as for a regular home loan.  If you are constructing a new house or purchasing a ready property with a top-up, you can get a tax deduction on the principal as well as the