Can two home loans be taken?

So you can buy as many houses as you want and take as home loans as many times as you can service based on your income. However, the interest deduction for all the self-houses taken together is restricted to ₹2 lakh every year.

An individual can take a second home loan. Also, one can claim tax benefits on the second home loan. Deduction on principal repayment is available for a maximum of Rs 1.5 lakh under section 80C. Even when you have a second home loan, the maximum deduction for principal payments will still be Rs 1.5 lakh.

How can I claim interest on home loan?

Yes, interest on home loan can be claimed under section 24 and 80EEA. Interest paid on home loan is eligible for deduction of Rs. 2 lakh if the house property is self occupied. In the case of rented property, full amount of interest paid is allowed as deduction.

Can a wife claim interest on a home loan?

This applies vice-versa where husband and wife are co-owners of house property and also co-applicants of Home Loan, but all the repayments are done by wife alone. Any interest payment to friends and relatives in respect to capital borrowed from them can be claimed u/s 24b, but only against a certificate received from them.

When to take home loan in joint names?

When one should take Home Loan in Joint names:- Take the home loan in joint names The income tax savings by opting for a joint loan is not significantly higher than a single-name loan Image courtesy of arztsamui at FreeDigitalPhotos.net

Who are the co-applicants for a home loan?

Here, the co-applicants are family members, which include husband and wife or father and son or father and daughter or mother and son or mother and daughter as the case may be. In such a situation, tax benefits have to be divided between all co-applicants and hence known as joint benefits.

What are the tax benefits of home loan in joint name?

Repayment of Principal amount of Loan up to Rs. 1.50 lakh is eligible for deduction under Sec 80C. The planning in the entire issue has to be done in such a manner that all the joint holders are able to take the tax benefit and no part of the total repayment goes waste. Joint holders can claim the maximum tax benefits individually.