It is good step to take joint home loan if both the partners are working.
1. Both of them to make use of the tax deductions allowed under Sec 80C and 24 of the Income Tax Act.
2. co-applicants on a joint home loan can claim tax deductions for interest paid on a home loan (up to Rs 2 lakh each) and for repayment of the principal (up to Rs 1.5 lakh each).
3. Tax benefits are available only when the construction of the house has already been completed.
4. Tax deductions are dependent on the share of ownership. For example, if a couple buys a house with the proportion of ownership being 60:40, then the tax deductions allowed to them will also be in the same ratio.
@ Ramgopal,
I think you should get max tax exemption while a co-borrower whose income is higher and is in a higher income tax slab can opt for greater share in ownership and loan EMI. This would enable to take maximum advantage of the tax benefits allowed for home loans.
More often, people prefer buying a house through home loans as it enables them to get tax benefits. Joint home loans are generally a smart way to increase your loan eligibility as well as get the maximum benefit of income tax deductions. One of the most important point is that getting a joint home loan might not be possible in certain cases like if one partner is not earning well enough, has a bad credit score or is still paying off previous debt.
Hi Rsharath, I think living in own house is the biggest dream for most of the people. Once considered a luxury and mid segment housing, owning a house is no longer a daunting task if planned properly. Buying a property take lot of research, this is because it involved huge amount..
@ Sharath,
The above point is very much true but I would like to say that there are the various factor if you are considering to buy a property. as we all know that this sector is very much unorganised and need a lot of research... Think to know more clearly:--
1. Requirements.
2. Budget
3. Home loans
4. Ownership ratio
5. Tax implications
Thanks Srinivas for the information you shared. I can really understand my requirement and budget, but can you tell me what is the implication of Home loans?
Having a sea-facing home comes at a price and bring along a sense of pride, but with its own set of cons. From the paint, the construction material, to the furniture; everything in the house needs to be painstakingly maintained and may still get affected by corrosion. The ideal situation would be to have a sea-view from a distance. A sea-view apartment which is not very close to the sea is more ideal from the practical standpoint.Many realtors are now choosing the location to ensure there is sea view but at a distance from the coastline. Most of such projects are tall structures which start habitat post dedicating over 20 floors to parking.
Few of the disadvantage are as follows:1. High maintenance: The environment can also be a downside to the eroding furniture and maintenance of the home. Keeping a timely check on home decor is the then a priority.2. Luxury Cost: The price range of apartments that are sea facing are always higher as compared to the others.3. Sea-view apartments: Apart from the pros of fresh air, status quo and breathtaking view some more aspects of a sea- view apartment to be considered.
Hi, I want to give my view point that "sea view provide the liberty of fresh air: Living in a sea facing apartment can be beneficial for health since there is less air pollution due to traffic and one can experience fresh breeze while standing in their home balcony.
Hi Pavan, there are many advantage of sea view point but for every thing you have to pay extra cost. but now a day buyer want open space with comfort home. The facing view: The sheer view of an apartment facing the sea is a luxury that some might never experience. The facing view definitely brings in a soulful rhythm to mind and body .
@Pavan ,Serenity and calm environment: Sea-facing apartments are perfect for people who are looking to have a peaceful environment. Status quo: Some of the most premium properties in the city are sea facing apartments which also trickles down to the status of the family.
Hi,
There are numerous factor which decide the cost of a property, 'a perspective from your gallery'means view site from balcony, however has its own particular cost. In territories, for example, Besant Nagar, ECR and Thoraipakkam of Chennai and Worli, Nerul and Bhayandar East of Mumbai, capital estimation of a few properties is entirely being characterized by the delightful scene they are putting forth to its occupants as well as residents.
@ Kiran, There are two different kinds of homes a person does evaluate during a purchase namely sea-view and sea-facing apartments. while speaking with the prospective buyer almost 48% of buyer want sea view apartment but very few of them are ready to afford extra cost for this . Cost of properties for sea view is higher then without sea view.
For people who don't have the fear of heights can opt for a luxury home on the top floor of the building. The view of Mumbai's coastline looks as beautiful from a 50th floor of any building.