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A joint home loan extends your eligibility of borrowing and makes you save a lot at the same time. It lets you realize the dream of owning the home you desire while letting you share the loan burden with members with your family.

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How a Joint Home Loan Increases Your Savings


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    1. How a Joint Home Loan Increases Your Savings

    2. A joint home loan is a loan which is obtained by an applicant with his/her parent, partner or sibling. It generally comes with a co-ownership. A joint home loan with a co-ownership not only enhances the sentimental value of the home, it will come with lots of benefits. It increases your borrowing capacity and you will be able to afford a bigger house which was not possible to own with your individual income.

    3. A joint home loan even allows you to share your debt burden . The most important advantage of a joint home loan is that it allows you to extract maximum benefits offered by Income Tax Act.

    4. Who Can Apply For a Joint Home Loan? 1) Married Couple 2) Father and son 3) Father and unmarried daughter 4) Mother and unmarried daughter 5) Brothers Friends, sisters, cousins, brother – sister and unmarried partners are generally not eligible for a joint home loan.

    5. How Can You Save on a Joint Home Loan? A home loan either individual or joint both let you save a lot while repaying the loan. When it comes to a joint home loan your savings are supposed to increase in double.   The repayment of a home loan can be basically divided into two parts. • Repayment of principal amount • Repayment of the interest amount

    6. The benefits of the tax deduction for home loan repayment. These three sections are • Section 80 C • Section 80 EE • Section 24

    7. Section 80C: Tax benefit on Home Loan (Principal Amount) The amount paid as repayment of principal amount of a home loan is allowed for tax deduction under section 80C.

    8. Section 24: Income Tax Benefit on Interest on Home Loan A home loan borrower can enjoy the deduction on payment of Interest under Section 24 of the Income Tax Act.

    9. Section 80EE If your home loan is sanctioned in the financial year 2013-14, then the section 80EE under Income Tax Act will make you save some more in paying tax.

    10. What are The Eligibilities of Claiming the Tax Benefits? • A co-borrower must be a co-owner- If you have a joint loan but you are not a co-owner in documents than you can't apply for a tax benefit. Tax benefit can be applied only to the applicant who has the ownership.

    11. A co-owner must be a co-borrower- Let's assume that you are one of the owners of a property but you are not the co-borrower of the home loan, in such circumstances you are not allowed to claim the tax benefit. The borrower will be the single applicant for the tax benefits.

    12. The Property Must not be an Under-Construction Property- The property which you are going to purchase with a joint home loan must not be an under constructions property. Tax deductions on housing property can be claimed at the start of the financial year in which the property construction gets completed.

    13. A joint home loan extends your eligibility of borrowing and makes you save a lot at the same time. It lets you realize the dream of owning the home you desire while letting you share the loan burden with members with your family.