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

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. ... more