I have two housing loans with SBI MaxGain homeloan account – 28 lakh for 15 years or 20 lakh for 19 years .
28 lakh loan is for a house , I have rented out in Coimbatore and 20 lakhs on a house that I am staying in Bangalore . I am paying an EMI of 35000 for the Coimbatore house and 20000 for the Bangalore house and is also claiming the tax rebate on the interest paid on both houses after showing my rental income from Coimbatore house .
I have received an annual bonus of 14 lakhs and has an additional 3 lakhs from my mutual funds and shares which i have gained after the new govt came into power.
I was wondering which loan I should close so that I can claim maximum tax benefits.
Any suggestions on this will be really helpful