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 -
- On principal payment
On Interest component
On the first home purchase,only
Learn More on Joint Home Loan Tax Benefits Here