Home loans: heavy liability but also big on tax benefits

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Home Loans
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Home loans heavy liability but also big on tax
benefits
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• Given the high property prices in metros, on an
  average an apartment having two bedrooms, hall,
  and kitchen of 1,200 sq. ft in an ordinary
  location will cost at least Rs.60 lakh orRs.5,000
  per sq. ft and or more.
• So, to buy such a house, most people take the
  help of a home loan, which usually forms 70-80
  of the apartments value. 

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• Deduction on repayment The equated monthly
  installment (EMI) that you pay has two
  components, principal and interest.
• Through the home loans Both qualify for tax
  deduction under two separate sections of the
  Income-tax Act, 1961.
• Principal repayment can be claimed as deduction
  under section 80C of the Act, whereas interest
  under section 24(b).

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• Take a joint home loan Often borrowers take a
  joint home loan to enhance the loan eligibility.
• This is usually done along with spouse, parents,
  or in certain cases, with siblings.
• The tax benefit can be claimed by all the
  borrowers individually, provided they are
  co-owners of that property too.
• Source http//www.livemint.com/Money/FwOgE1nWFC4F
  RY2LTnDPXM/Home-loans-heavy-liability-but-also-big
  -on-tax-benefits.html

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