Deduction u/s80(c) for 4 family members for joint property

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   4 family members,from a joint family  wants to purchase a  old bungalow  , as 2 nd residence, can bank give them HOUSING LOAN , can all Individuals claim deduction u/s 80(C)and interest  u/s 24 for the proportionate loan repayment of that housing  loan, as property will be in  the name of all the persons( mostly in equal ratio)

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can bank give them HOUSING LOAN ,

Yes, if not over 20 years old ......... on its depreciated value.......

can all Individuals claim deduction u/s 80(C)and interest  u/s 24 for the proportionate loan repayment of that housing  loan

Yes, if co-owners & co-borrowers......... subject to actual payments made by each.....
 


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