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Question: How can joint home loan help in tax saving?

Answer: If you opt for a joint home loan, you can maximize the tax advantage offered by home loans. For an individual home loan borrower you can avail a tax benefit of up to Rs. 1.5 Lakhs on the
principal amount under section 80C and up to Rs. 2 Lakhs under section 24 of income tax act for the interest paid.

Now if there are two co-borrowers then the maximum total tax deduction under Section 80c can go as high as Rs 3 Lakhs depending on the actual principal repayment. Similarly if there are two
co-borrowers then the maximum total tax deduction for interest paid on the home loan under Section 80c can go as high as 4 Lakhs as per the actual principal repayment amount.

If you opt for a joint home loan, you can maximize the tax advantage offered by home loans. For an individual home loan borrower you can avail a tax benefit of up to Rs. 1.5 Lakhs on the
principal amount under section 80C and up to Rs. 2 Lakhs under section 24 of income tax act for the interest paid.

Now if there are two co-borrowers then the maximum total tax deduction under Section 80c can go as high as Rs 3 Lakhs depending on the actual principal repayment. Similarly if there are two
co-borrowers then the maximum total tax deduction for interest paid on the home loan under Section 80c can go as high as 4 Lakhs as per the actual principal repayment amount. Source: CoolInterview.com

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