Joint Home Loan - Q & A Forum

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

Digvijay asked 10 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 10 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.