Home loan is the best option for anyone who aspires of his/her own house. As any loan including home loan is also dependent on your income, and due to that sometimes you don’t get the desired amount you wished for. Having a co-applicant for your home loan can do wonders.
As by taking a joint loan, you get mainly two-three benefits, one is that the loan amount increases as your property value and the income of both the borrowers are considered and also in the tax exemption of your house, the co- borrower and the borrower, both gets the amount.
Let me clear this with an example, if you have borrowed 5 lakhs of home loan interest in a year with a co applicant then you both a get atleast up to 2 lakhs each as per the tax deductions. This joint home loan interest tax subsidy comes with the obvious pre-requisite condition that the total interest claimed for tax deductions by co-borrowers cannot be more than the total interest paid for the loan in that year. This loan interest tax deduction can be claimed under Section 24B. Through a joint home loan you can easily double your tax exemptions by jointly borrowing your home loan.
