Joint Home Loan
Joint Home Loan : Eligibility rules & Income Tax Benefits Many home loan borrowers consider taking a Joint Home Loan as a practical option to get higher loan amount and also to avail Income Tax Benefits. Joint Debt has become a part of the Household finance these days. One of the primary benefits of a joint loan is that it increases the borrowing capacity of the prospective home buyers. The combined repaying power of the applicants (two or more) is considered while sanctioning a higher loan amount. A joint home loan not only allows you to share your debt burden but also allows you to extract maximum benefits offered by the IT Act. As per the existing Income Tax Laws, both the individuals (loan applicants) can claim income tax deductions on the principal repayment under section 80c and on the interest amount under Section 24 . The maximum amount that can be claimed as tax deduction depends on the use of the property ie whether it is a...