Automated Arrears Relief Calculator with Form 10E up to F.Y.2016-17

Download Automatic Arrears Relief Calculator with Form 1oE for the Financial Year 2016-17 & Assessment Year 2017-18

If you can and meet requirements, it is always
a better proposition to take a joint home loan in
India. Let’s say that Suman,
decides on buying an apartment of Rs 90 lakhs and the home loan company gives
him a loan of Rs 40 lakhs, in place of Rs 70 lakhs that he desires. In this
case, if his wife is working, she can apply for a joint home loan.

 Remember,
that joint home loans, come with various advantages, as compared to applying
alone. 
Of course, it is possible only if the co-applicant is also eligible to
take a home loan. Let’s check the advantages of a joint home loan: 
1) Tax
benefits for both home loan applicants Tax Benefit on Home Loans are immense.
First, for payment of Interest component of the loan, a deduction under Section
24 of the Income Tax Act up to Rs 2 lakhs has been permitted for a self
occupied residence. 
For a residence that is not self occupied no limit has been
set. Now, if interest payment is made by both the loan applicants, you get tax
benefits on interest paid up to Rs 4 lakhs (2 lakhs each). 
For the principal
amount of the loan one gets a tax benefit of Rs 1.5 lakhs per year under Sec
80C. 
Now, here again by taking a home loan jointly, both applicants can get a
joint tax deduction of Rs 3 lakhs on the principal amount paid. So, 
whopping tax benefits of Rs 7 lakhs for home loans taken for a self occupied
property jointly by the co-applicants. It can get much higher, if the house if
not self occupied.

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