Home Loans are easy to apply anyone can easily apply for a Home Loan online or offline. But sometimes people with lower salary and bad CIBIL face problem in obtaining a Home Loan.
So if your salary is not that good or you have bad credit score then you can apply for a Home Loan with a co-borrower.
Tax Benefits of Home Loan Joint Application:
- If you apply for a Joint Home Loan, then you and your co-applicant can avail tax deduction both on the principal and interest part of the loan. This is only applicable, if he/she is a co-owner of the house. A guarantor cannot avail the tax benefits.
- Under Section 80C, you can get a tax benefit upto Rs. 1.5 lakhs on the principal amount but make sure you do not sell your property within 5 years of your purchase.
- Under Section 24B, you can avail tax deduction upto Rs. 50K. But you can’t avail tax benefits on a house that is still under construction.
To Know More About Joint Home Loan Tax benefits follow the reference article.
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