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Deduction in respect of housing loan repayment

This query is : Resolved 
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(Querist)
06 August 2007 Husband and wife both are working in a private company. They taken housing loan from SBI, Instalment of HOusing loan is paid from both salaries. are they eligible for deduction inrespect of Interest as well as principal? what are procesure please clarify by doubt.
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CA Mani

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CA Mani (Expert)
06 August 2007 On whose name the loan is?

Both may be repaying out of their salary.

But Whse name is entered in Loan agreement is the point to be considered.

He/She will only eligible for deduction.
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CA Ankur Jain

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CA Ankur Jain (Expert)
07 August 2007 If salary of the both applicant is considered and the both person's name are appearing for property then they both can claim exemption.
That means both person's name should be there on loan agreement and registration documents.
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