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.
that joint home loans, come with various advantages, as compared to applying
take a home loan. Let’s check the advantages of a joint home loan:
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
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).
amount of the loan one gets a tax benefit of Rs 1.5 lakhs per year under Sec
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.