It is quiet common that people miss out EMIs due to various reasons. You can claim tax benefit even if you have missed out to pay an EMI. Section 24 clearly mentions the words “paid or payable” in respect of interest payment on housing loan which saves you from missed EMIs. So, you can claim as a deduction so long as the interest liability is exists. You are also advised to remember to keep all the documents safe if there comes a future audit by tax authorities. Also remember that the repayment deduction principal
2. Tax Deductible Processing Fee
Many people may not know that charges related to their loan are eligible for tax deduction. These charges are considered as interest. So, deduction can be claimed under the Income Tax Act, Section 2(28a). The act says that the ‘interest payable in any manner in respect of any money borrowed or debt incurred (including a deposit, claim or other similar right or obligation)’. This will include all types of service fees or other charges in respect of the loan amount,”.
You can also get tax exemption if you are only a co-borrower.
You can also claim for a pre-construction interest for five years once the construction is complete and home is under your possession.