Personal Finance Paying a home loan EMI or staying on rent? Know the tax benefits Updated : January 14, 2020 05:28 PM IST Section 80C allows tax-payers to claim deductions on a host of avenues, including on investments made in ELSS, PPF, life insurance premium paid among others. Section 24(b) gives tax relief on interest paid during the year. Section 24(b) allows deduction of up to Rs 2 lakh a year on interest paid on housing loan taken to finance a self-occupied house property. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.