Tax Benefits on Home Loan for Joint Owners

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Tax Benefits on Home Loan for Joint Owners

Tax Benefits on Home Loan for Joint Owners. Buying a home is probably the biggest decisions that one makes during his/her lifetime. Even if you don’t have enough funds to buy it, you can always apply for the home loan and make it a reality.

However, to be eligible for a home loan, you need to prove your eligibility. Sometimes, you may not qualify for it due to a lower CIBIL Score, poor repayment history and more. However, if anyone in your family has better eligibility than you, then you can apply for a joint loan.

This way, not only you can fulfill your dream of having your own home, but even claim tax benefits on home loan for joint owners. Go through this post and know loan tax benefit for joint owners.

What is the Eligibility for Claiming Joint Home Loan Tax Benefits?

  • You should be a co-owner of the property on which the loan is taken

  • You should also be a co-borrower in the loan application form, and your name should be mentioned

  • The construction of the property should be complete. Under construction, properties are not eligible
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What Benefits on Home Loan for Joint Owners can You Claim?

  1. Each Borrower and Co-owner can Claim Rs.2 lakh on Interest

If you took a joint housing loan for a self-occupied home, then property’s each co-owner and borrower can claim up to Rs.2 lakh in the ITR. The total home loan interest rate claimed can’t exceed the total interest paid for the loan.
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  1. Each Co-owner can Deduct Rs.1.5 lakh on Principal Repayment

Each co-owner and co-borrower and can claim a deduction of up to Rs.1.5 lakh. It is towards the repayment of the principal amount allowed under Section 80C.

  1. Each Co-owner may Split Stamp Duty and Registration Expenses

The payments made towards the stamp duty and registration is also considered deductible. It is eligible for deductions as per the Section 80C of the Income Tax Act. Hence, owners are authorized to split the cost and claim to grab the maximized benefits. The only thing that you need to remember is that you can claim it in the year in which they were paid.Therefore, as a family, you can easily make the most of larger tax benefits against the home loan interest paid on your housing finance. What’s more, your interest outgo could also be more than Rs.2 lakh per year.

Hence, you can go ahead and make a smart choice by enrolling for a joint home loan. This way, you can seize tax benefits on home loan for joint owners. Thus, if you are planning to buy a property on a loan, you now know what to do!
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