Eligibility for Claiming Deduction under Section 80EE:

Eligibility for Claiming Deduction under Section 80EE:

To claim the deduction under Section 80EE, individuals must meet the following eligibility criteria:

The taxpayer should be an individual.

The taxpayer should be a first-time homebuyer.

The loan should be taken from a financial institution.

The loan amount should not exceed Rs. 35 lakh.

The value of the residential property should not exceed Rs. 50 lakh.

The loan should be sanctioned between specific financial years (currently applicable for loans sanctioned between 1st April 2016 and 31st March 2022).

The taxpayer should not own any residential property on the date of loan sanction.