What is Tax Credit on Interest on House Loan?

🏠 Tax Credit for Home Loan Interest (Section 63A ):
If you're building or buying your own house or flat (up to 2,500 sq ft for a house or 2,000 sq ft for a flat), and you take a loan from a bank, government, or approved financial institution for that property, then:
👉 You can get tax relief at an average tax rate on the interest (profit) you pay on that loan as per the formula given below:
The maximum tax credit allowed is based on lower of
Interest paid (on the loan), or
30% of your taxable income,
⚠️ Note:
You can’t claim this credit if you're already deducting this interest under Section 15A.
Property must be for personal use (not for renting or resale).
You can only claim this once in 15 years.