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Home loan query
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A residential property is in my spouse's name and we are planning to construct a house in it.
Can I and my spouse apply for the loan as co-applicants and can we both claim tax benefits as we both in part pay the EMI's ?
If not what is the procedure which is least expensive and legally correct that helps us in claiming the benefits ?
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Home Loans
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Asked by Amith -
1 year ago
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Best Answer:
You and your spouse can jointly apply for home loan but both of you can claim tax benefits only when both of you are co-owner of the house, otherwise only that person can claim for tax benefit who is the owner of the house. At the time of taking loan you might have to submit proof of your co-ownership of the house.
If you can alone manage the EMI payment then do not take loan jointly as income tax savings by opting for a joint loan is not significantly higher than a single-name loan. Also you plan to purchase another house in the future. To compare home loan rates of different banks visit rupeetimes.com.
1 year ago - By Tinku
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