Joint Home Loan - Q & A Forum

Q & A Forum › Category: Home Loans & Credit › Joint Home Loan

Digvijay asked 9 years ago

Hi Sreekanth, Hope you are doing well...your website is so helpful!! I have a question with regard to Home loan. Recently I have taken a home loan it’s a Joint on self and spouse, we both are working with private companies. Since the interest rate was little less for women, primary borrower is my wife and I am co-borrower. She is the first time home loan taker. Can you please help to provide as what are the tax benefits that we can claim? Can both of us claim 100% each or it should be spread between two of us. Thanks for your guidance. Cheers Digvijay

3 Answers

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Sreekanth Staff answered 9 years ago

Dear Digvijay, Is it jointly owned by both of you? Kindly go through below articles and you may revert to me if you need more details; Joint home loan and tax implications. Income from house property & tax benefits. Under-construction house and tax implications.

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Digvijay answered 9 years ago

Dear Sreekanth, Thanks for your replies, is it a mandatory that if the home loan taken jointly(self & spouse) should the property be registered on both of our names? We are planning to take 100% tax benefit by one person. Thanks Digvijay

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Sreekanth Staff answered 9 years ago

Hi, Dear Digvijay, No, it is not mandatory. But banks may sometimes insist that all the borrowers to be joint-owners depending on the eligibility criteria or their relationship status. Also, to claim tax benefits, both should be owners as well as co-borrowers of home loan.