Buying a home is one of the major milestones for many individuals in India, and home loans play a big role in making this dream a reality. A home loan not only helps you to become a proud owner of your home but also gives you an added advantage to reduce your income tax obligations as per the Income Tax Act of 1961. But before you go on to apply for that home loan, it is important to understand that one of the most important parts of the home loan journey is to understand the role of Income Tax Return (ITR) filling.

This process of filing returns ensures that you are compliant with the rules of the government and therefore also significantly increases the chances of approval of your home loan.

When you apply for a home loan it might feel financially challenging, but it will only save you lots of money if you can understand the various tax deductions that you can avail on home loans. In this article, we will deep dive into the world of ITR, why it is a crucial step for home loans, and also take you through a step-by-step guide to ease you through the process of filing ITR for home loans.