Here's How You Can Avail Tax Benefits on a Joint Home Loan

What Are The Tax Benefits On A Joint Home Loan?

On a joint Home Loan, you and your co-borrower will get tax deductions under sections 80C, 24(b) and 80EEE.

Tax Benefits - Joint Home Loan vs Home Purchase Loan

In a joint Home Loan, both you and the co-borrower get the tax advantages which isn’t the case with a Home Purchase Loan.

Eligibility Criteria to Avail Tax Benefits on a Joint Home Loan

1. Should Own the Purchased Property

Both you and your co-borrower must own the property to avail tax advantages.

2. Both the Borrowers Need to Make Repayments

Your co-borrower won’t get the tax advantage if they aren’t contributing to the repayment.

3. Available on Ready to Move-in Property

The purchased property should be ready to move in for tax benefits on a joint Home Loan.

Which Tax Benefits Can You Avail on a Joint Home Loan?

The borrower and co-borrower can get tax benefits under these sections - - 80C - On principal payment - 24(b) - On Interest component - 80EEE - On the first home purchase,only