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HouseWife as co-borrower

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(Querist)
21 April 2024 Hi,

I will be buying a new property, for which i will be taking a loan too, If i keep my wife as co-borrower of property but she won't pay, can i claim entire interest amount of home loan in return?

What should be chosen to get max exemption in such case?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
22 April 2024 yes. you can claim the intire deduction. however, my suggestion is to explore, in case your wife has taxable income, to pay part of the interest from her account too. This would give you better overall tax savings. Read this article for overall understanding of the deductions - https://cleartax.in/s/home-loan-tax-benefits
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