Joint home loan and emi payment query

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Deal Cadet
mjuneja13

My sister and brother in law having a home loan. They are co owners in the property and home loan. Ratio 50:50 for both.  

1. I want to ask if only one of them pays the whole emi amount, can both claim rebate in income tax in 50:50??

2. if one pays the emi 70% and another one pays 30%! Same ratio will be allowed for tax rebate!! Or can it be changed?


3. How the emi should be paid to laon amount from their respective salary accounts? Can one person pay the whole emi and another one can pay to him/her! Or both have to neft to loan account? Can they joint account and pay from their, but in that case joint account should be credited from any of the accounts or from both accounts?


if any other thing to remember or important please mention the same. 

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Deal Cadet Deal Cadet
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Anyone please tag experts 🙏🙏

Deal Newbie Deal Newbie
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hope this helps, 

https://cleartax.in/s/tax-benefits-on-home-loan....

in my limited experience for point 1. both can get a tax rebate of 2L on interest. however for point 2 can be either 100% or 50%-50% for point 3, the bank has to be flexible to accommodate dual emis. 


Deal Cadet Deal Cadet
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nihaln wrote:

hope this helps, 

https://cleartax.in/s/tax-benefits-on-home-loan....

in my limited experience for point 1. both can get a tax rebate of 2L on interest. however for point 2 can be either 100% or 50%-50% for point 3, the bank has to be flexible to accommodate dual emis. 


thanks kg 


Elite Elite
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It doesn’t matter which co-owner is paying the EMI in full, or the ratio in which both are paying EMI. Both can claim rebate in whatever percentage they want provided the sum is 100%
And there is no need to do any internal money transfers between the co-owners.

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