How does a joint Home loan Eliminate Income tax Liabilities?
If you choose to pick a mortgage having a good co-borrower, who along with is a co-owner, tax-deals prospective is basically doubled. Not as much as Areas 80C and you may twenty four, both borrowers meet the requirements for as much as Rs.dos lakh tax promotion into the attention payment every single as much as Rs.step one.5 lakh work for toward prominent repayment for every single.
Hence, each of the borrowers is allege to Rs.step three.5 lakh since annual taxation work for to your a mortgage.