HBL INTEREST sharing

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1 Points Posted on 07 June 2021
can 80%-20%,100%-0% etc sharing be possible for an applicant and his spouse (co-applicant)
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On 07 June 2021 at 22:21 Report
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This discussion clarifies how Home Based Loan (HBL) interest deductions can be shared between spouses. The key principle is that the deduction is directly proportional to each individual's share in the property. If the property is owned 50:50, the interest deduction will also be split equally. If the loan agreement doesn't specify liability, borrowers can agree on how to apportion the interest expense.

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Chartered Accountant
5010 Points Posted on 07 June 2021

The share of deduction will depend upon the share in the property. If the share in the property is 50:50 then the HBL deduction shall also be distributed equally.

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On 07 June 2021 at 22:44
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Chartered Accountant
24588 Points Posted on 08 June 2021
Yes deduction is available as per share of applicants
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On 08 June 2021 at 09:42
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tax consultant
3306 Points Posted on 08 June 2021
If the liability of co-borrowers is not ascertainable from loan agreement then you may apportion interest expense as per your mutual understanding
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On 08 June 2021 at 14:03

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