In general, there are two kinds of benefits accessible on a lodging loan. The first is on the intrigue paid, which is qualified for allowance up to Rs. 2 lakh on the income of that applicant under Section 24 of the Income Tax Act.
The second is the reimbursement of chief amount. The top in such manner is Rs. 1.5 lakh and comes under Section 80 C of the Income Tax Act.
If there should arise an occurrence of joint home loans, each joint home loan holder gets tax advantage of Rs. 2 lakh on the intrigue and Rs. 1.5 lakh on the chief amount independently. In any case, such tax breaks are determined on the extent of loan taken by individuals engaged with it. For example, on the off chance that the proportion of ownership is 60: 40, at that point the loan of Rs. 50 Lakh will be isolated as Rs. 30 lakh and Rs. 20 lakh individually.
The intrigue/head appropriate to the particular amounts will be thought about for every person.