As a tax-saving document, the importance of a home loan Provisional Certificate cannot be stressed enough. Borrowers can get this document from financial institutions or lenders for claiming tax deductions. If you are an existing customer of Bajaj Finserv, you can easily obtain a Bajaj Finserv Provisional Certificate from the customer portal. Read on to know about this essential tax-saving document, its benefits and the process to obtain it.
What are the benefits of a Bajaj Finserv Provisional Certificate for a home loan?
A Home Loan Provisional Certificate is a statement that shows the summary of the interest and principal paid by borrowers towards a home loan for the current financial year. Home loan providers offer this statement to borrowers as proof of home loan repayment.
Below is discussed the benefits of obtaining a Bajaj Finserv Home Loan Provisional Certificate-
- A tax-saving document
One of the major benefits of a home loan Provisional Certificate is that it helps individuals to claim tax deductions. The principal and interest amount of home loans are subject to tax deductions.
Therefore, individuals can claim tax deductions on these two components under Section 24B of the Income Tax Act; one can claim tax rebate up to Rs.2 lakh on the interest paid. Similarly, under section 80C of the Income Tax Act, individuals can claim tax deductions of up to Rs.1.5 lakh. As a customer of Bajaj Finserv, it is imperative individuals must collect the Bajaj Finserv Certificate of Interest, i.e. home loan Provisional Certificate.
In addition, with a home loan Provisional Certificate, individuals can claim stamp duty charges and registration fees as deductions.
- As proof of home loan repayment
Usually, a home loan Provisional Certificate is given to borrowers for the ongoing financial year. As it contains a summary of interest and principal paid for that year, the Provisional Certificate can be used as proof of home loan repayment.
The process of obtaining a Bajaj Finserv Home Loan Provisional Certificate is very easy and straightforward. This document is available in the Bajaj Finserv Experia portal. Read on to know the process of downloading it.
How to get the Home Loan Provisional Certificate?
Existing customers willing to get this essential document can follow the steps mentioned below-
Step-1- Visit the official Bajaj Finserv Experia website.
Step-2- Enter the Bajaj Finserv login details, such as your registered mobile number, email ID or Customer ID.
Step-3- Click on ‘e-statement’ option
Step-4- Download Home Loan Provisional Certificate.
This important home loan statement is also available in the Bajaj Finserv Experia app. Individuals can download this mobile application and obtain this document instantly.
Existing Bajaj Finserv Home Loan borrowers can resolve any query regarding the home loan Provisional Certificate by contacting the Bajaj Finserv customer care on 086980 10101.
Please note, if individuals have applied for a joint home loan with their spouse, both of them need to submit a home loan Provisional Certificate for claiming tax deductions. Also, the applicant must be a co-owner of the property being purchased.
Once individuals have obtained the Bajaj Finserv Home Loan Provisional Certificate from the Experia portal can use this document to claim tax deductions. However, they have to accumulate other documents as well. These are mentioned below-
Documents required for claiming home loan tax benefits
- Ownership details of a property, including Bajaj Finserv Certificate of Interest which shows the breakdown of interest and principal amount paid in EMIs.
- Home construction completion certificate.
- Proof of municipal tax paid for that financial year.
Now that individuals know the process of getting a Bajaj Finserv Provisional Certificate, they can easily claim tax deductions for that financial year and save substantiate amount.