Bought a first flat in Shela on a home loan — what can I claim this year?
Under the old regime: interest on the loan up to ₹2 lakh a year for a self-occupied house, principal repayment within the ₹1.5 lakh Section 80C limit, and the stamp duty and registration fees paid in the year of purchase also under 80C. Under the new regime none of these apply for a self-occupied home, so a Shela family with a ₹50 lakh loan usually finds the old regime wins for the first few years while the interest component is high, and the new regime wins later as it falls. Both spouses on the loan and the deed can each claim their share. We run the comparison every year rather than once, because the answer changes as the EMI amortises.
Old vs new regime, worked out