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Your Queries (Loans): You can avail tax deduction for interest paid on education loan
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financialexpress.comBy Chaitali Dutta
My son wants to take an education loan to study abroad. I am not in favour of it and would rather sell a property and fund his education expenses. What would be your advice and how are interest rates calculated and repayments to be done?—Raj Kumar Verma There are pros and cons of both options. In favour of the loan are the facts that interest rates are low currently and you will be able to get a cheap loan. Having to pay for his higher education will instil a sense of responsibility in your child in addition to learning the value of money. The interest paid on the education loan is also eligible for deduction from the taxable income, which you may avail of, in case you pay the interest before the EMI starts. The con here
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