Joint loan

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sagar (Querist)
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23 March 2012 Me and my wife are applying for join home loan. i will be paying all EMIs.
My wife will prepay some amt as and when she has surplus. I want to cliam all interst tax benifit while my wife wants to get reduction on principle amt that she wil repay.
is this possible ?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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23 March 2012 It is possible but the terms of repayment should be predetermined between husband and wife. Hybrid system is not allowed. It must also be noted that the house is in whose name and whether the share in the house has been finalised or not if yes then in the ratios of share all benefits and claims shall be allowed

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