TAX rebate on joint home loan

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  1. DeepakDeep

    DeepakDeep New Member

    Hi,

    Me and my wife is planning to buy a flat in which she is a co-applicant.

    When applying for loan bank is asking for co-applicant in loan(with or without inclusion of my wife income). I want to know few things regarding this.

    1. Will there be any liability on my wife for loan when she is just a co-applicant in loan and her income is NOT considered? Will CIBIL show that there is a joint loan on my wife?
    2. It is wise to include my wife's income when taking loan as we both can take tax rebate?
    3. How will the ratio be defined when taking tax rebate on principle and interest. e.g. if the interest paid in a year is 3lacs, will it be 1.5lacs rebate for me or 1.5lacs for my wife or this can be adjusted?
    4. Can I alone claim maximum portion of interest for tax rebate and rest leave for my wife. e.g. if the interest paid in a year is 3lacs, can I claim 2lacs(max limit) and my wife claims 1 lac?
    5. In future, if my wife opt to be a housewife then would I be able to claim tax rebate on full interest amount?

    Thanks in advance.

    Regards,
    Deepak
     
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