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Home loan saves a lot of tax.
If you are going to stay in same city for next 5 years, buying home would be best choice.
Buy home where you can avail 80EEA.
You will spend around 15k more than rent but will save lot of tax and will own property.
I agree that one should not buy house to save taxes. But if you have buying house in mind or anyway not going to change city then it is good option.
House loan provides 4lacs of deduction as non taxable (2 lac interest per year+ 2 lac Eea if house’s stamp duty value is less than 45lac)
So you save 1.2lac tax per year( 10k per month). Sp if you are paying rent of 20k and 10k towards tax that is 30k per month. Whereas if you buy house your emi will be around 35k. So it not bad choice
HRA, medical insurance and you have mentioned the other deductions in your post.
Dont forget 5k in 80D for self or dependent annual health checkup