{"id":1317,"date":"2019-04-30T06:04:28","date_gmt":"2019-04-30T06:04:28","guid":{"rendered":"https:\/\/beta.kalyanhomes.in\/blog\/?p=1317"},"modified":"2023-05-31T15:37:50","modified_gmt":"2023-05-31T10:07:50","slug":"how-to-claim-tax-benefits-on-joint-home-loans","status":"publish","type":"post","link":"https:\/\/beta.kalyanhomes.in\/blog\/how-to-claim-tax-benefits-on-joint-home-loans\/","title":{"rendered":"How to claim tax benefits on joint home loans"},"content":{"rendered":"<p>You\u2019ve done your research and have started hunting for prospective <a title=\"apartments in kochi\" href=\"https:\/\/www.kalyandevelopers.com\/apartments-in-kochi\">apartments in kochi<\/a>, <a title=\"apartments in thrissur\" href=\"https:\/\/www.kalyandevelopers.com\/projects-in-thrissur\">apartments in thrissur<\/a> or <a title=\"apartments in trivandrum\" href=\"https:\/\/www.kalyandevelopers.com\/flats-in-trivandrum\">apartments in trivandrum<\/a> from the best <a title=\"builders in kerala\" href=\"https:\/\/www.kalyandevelopers.com\/\">builders in kerala<\/a> after listing out a number of pros and cons and then it hits you \u2013 the ever-rising real estate prices. Thankfully, home loans are there to the rescue. It also helps you save on taxes.<\/p>\n<p>You can even go a step further and opt for a joint <a href=\"https:\/\/www.kalyandevelopers.com\/home-loan\">home loan<\/a> if you want to aim bigger and share responsibilities without overburdening yourself. Joint home loans help you get a larger loan amount sanctioned while sharing the responsibility of repayment.<\/p>\n<p>One of the most lucrative benefits of taking a joint home loan is that they help you save tax while investing on fixed assets. Section 80C and Section 24 of the Income-tax regulation makes you eligible for tax rebates under home loans.<\/p>\n<h2>Highlights of joint home loan:<\/h2>\n<ul class=\"listing bloglist\">\n<li>Tax benefits get divided among the co-applicants<\/li>\n<li>The division of the asset is proportional to the share owned by each co-applicant<\/li>\n<li>It is mandatory that the house property has to be bought by the individuals jointly, in<br \/>\ntheir joint names<\/li>\n<li>The share or the percentage ownership of each co-owner should be mentioned clearly<\/li>\n<\/ul>\n<h2>Advantages for joint home loan takers:<\/h2>\n<p>Claim on Interest deduction<\/p>\n<p>You can claim up to Rs. 2 lakhs with regard to the interest paid for a home loan taken on a self- occupied house. In case of a joint home loan, each applicant can claim their benefit separately. Hence two people taking a joint home loan are exempted from paying a total amount of Rs. 4 lakh. The total interest paid on loan will be allocated in the ratio of the ownership of both the parties involved. However, the total interest claimed by the co-applicants can never exceed the total interest amount paid on loan.<\/p>\n<h2>Claim on Principal repayment<\/h2>\n<p>As per the Section 80C of the Income Tax regulations, each co-borrower can claim a maximum deduction of up to Rs. 1.5 lakhs on the repayment of the principal amount. Thus for two people in a joint home loan, the total claimable amount of deduction will be Rs. 3 lakhs provided they are co-owners of the property and each of them is contributing to the home loan repayment. Remember, the amount claimed can never exceed the total amount of the principal itself.<\/p>\n<h3>Claim on the Cost of registration and stamp duty<\/h3>\n<p>Under Section 80C, any payments that the borrowers have made for <a href=\"https:\/\/beta.kalyanhomes.in\/blog\/stamp-duty-and-registration-charges-in-kerala\/\">registration and stamp duty<\/a> are claimable. Given, it can only be made in the year that these registration and stamp duty costs were paid in.<\/p>\n<p>So, wait no more. Get a joint home loan to avail the benefits of tax savings and own your dream home today. <a title=\"Buying homes in kerala\" href=\"https:\/\/www.kalyandevelopers.com\/\">Buying homes in kerala<\/a> become much easier than ever with the right builder by your side. That\u2019s why we suggest you team up with Kalyan Developers \u2013 the most trusted <a title=\"builders in kerala\" href=\"https:\/\/www.kalyandevelopers.com\/contact-us\">builders in kerala<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve done your research and have started hunting for prospective apartments in kochi, apartments in thrissur or apartments in trivandrum from the best builders in kerala after listing out a number of pros and cons and then it hits you \u2013 the ever-rising real estate prices. Thankfully, home loans are there to the rescue. It [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1317","post","type-post","status-publish","format-standard","hentry","category-construction"],"acf":[],"_links":{"self":[{"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/posts\/1317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/comments?post=1317"}],"version-history":[{"count":5,"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/posts\/1317\/revisions"}],"predecessor-version":[{"id":13033,"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/posts\/1317\/revisions\/13033"}],"wp:attachment":[{"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/media?parent=1317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/categories?post=1317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beta.kalyanhomes.in\/blog\/wp-json\/wp\/v2\/tags?post=1317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}