If you need cash, a home equity loan can give you access to money so you don’t have to resort to expensive credit card debt or personal loans. Another perk of home equity loans is the potential to write off the interest and lower your tax bill. That said, you must meet a few rules and requirements to be eligible for this tax deduction. Is home equity loan interest tax deductible? Generally, yes. But in some cases, deducting the interest paid on your home equity loan (HEL) depends on how you use the mone ...