Regd Joint Home Loan

POSTED BY Kiran ON April 13, 2012 11:51 am ONE COMMENT

Hi,

My questions are very basic.

1) I and my wife are planning to take a joint home loan, where my wife is currently not working. But she may start off in 4 to 5 months. I am making sure, my wife will be co-owner and co-borrower, so that she can utilize the tax benefits in future.

Can we take a joint home loan in this situation?

2) In joint loan, if we are paying an interest of 3 Lakh rupees per year, with a ratio of 50%-50% in the loan amount.

can we claim the tax benefit under section-24 for an amount of 1.5 Lakhs each?

Please clarify.

Thanks,
Kiran

One reply on this article “Regd Joint Home Loan”

  1. Dear Kiran, no matter your wife is working or not, you may (& you should) bring your wife as co-owner & co-borrower for the property & home loan. Yes for that 3L Rs. combined interest outgo, both of you ‘ll be eligible for 1.5L Rs. individual limit for a self occupied house.

    Thanks

    Ashal

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