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Income tax savings on Home Loan

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21 Points Posted on 11 December 2022

I am planning to take a home loan of 50 Lakhs. My wife is a housewife and she is also looking for job.

What are some tax savings ideas that will be beneficial in the future?

These are some doubts

1. Can home loan account be a joint account ?

2. Can my wife get tax benefit in case she get job in future

3. Does bank allow co-applicant who is housewife

Replies (2)

Quick Summary

Considering a home loan of £50 Lakhs? This discussion explores tax-saving opportunities, particularly if your wife is a housewife or plans to work in the future. It clarifies that joint home loan accounts are possible and that both applicants can claim tax benefits proportionally to their contribution. Even if your wife is currently a housewife, she can still be a co-applicant and benefit from tax deductions once she secures employment.