Home loans criteria
I want to take a home loan for which I wish my wife to be the co-applicant (50-50). What documents are required to prove that my wife and I are paying the EMI in the same ratio? Will it be mentioned in the loan documents? ----Harish Chandra
In case of a jointly owned property and a joint loan, each of you can claim tax exemption benefits to the extent of your respective shares in the loan. In case the share of each person is not defined in the property agreement, you can record the same by way of a separate agreement to specify a certain percentage, for the purpose. A draft agreement or a suggestion is available on this link:
Can I avail of the facility of home loan jointly i.e. with my brother as a co-applicant? If yes, then what would be the implications on the exemption on income tax for us and how can we both claim the tax benefits? We are both salaried employees. ----- Rajesh Shah
You can get a joint loan with your brother based on your pooled income. If you both take a joint home loan for a property owned jointly by the two of you, you can get exemption for the home loan repayments in the ratio of your respective shares in the loan. Tax deduction benefits will be available under section 24 (interest payable on the loan) and under section 80 C (for the principal repaid).
If the property is self-occupied, the deduction for interest payable will be limited to the amount of Rs 1,50,000 for each of you separately.
If I buy a house jointly with my wife, who is a housewife and does not have her own income currently. Will I be able to claim 24b and 80C for both my wife and myself? ----Simra Khote
You can get a home loan for a jointly owned property based on your income alone. Since you alone will only be servicing the loan, you can claim the income tax benefits under Section 24 for interest payable and up to Rs 1 lakh under Section 80C for repayment of the housing loan.
Does the home-loan interest and the principal taken for a second house property qualify for IT tax rebate? -----Sudeshna Mitra
There is no restrictionon on the number of properties a person can own under the provision of the Income Tax Act. However, in case a person owns more than one property and both are either self-occupied or by his relatives, the person has the option to treat one of the properties as self-occupied. Once it’s decided that a particular property is to be treated as self-occupied, the other property will be deemed to have rented out a notional income equivalent to the rent expected to be realized on such property will be treated as rental income.
The annual value of the self-occupied property is taken at nil and the person is entitled to claim interest payment for loan taken to acquire that property up to a limit of Rs 1.50 lakh. You can also claim income tax benefit towards repayment of housing loan within the overall limit of Rs 100,000 under Section 80C. The taxable income of the second property will be arrived by deducting actual interest payable in respect of such property without any limit from the notional rent taken above as well as 30 per cent standard deduction.
Courtesy By: htestates dtd: May 29, 2010
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