When you jointly apply for a Home Loan, both the applicants individually, become eligible for tax exemption. The collective tax deduction is always higher in joint Home Loans.
Under section 80C of the Income Tax Act both the applicants (also co-owners) are eligible to avail tax deduction up to Rs. 1 Lakh on the principal amount paid.
Under section 24 of the Income Tax Act, for a self-occupied property, the co-applicants can get an exemption of up to Rs 2 lakhs for both the co-applicants.
If you have rented out the property, then you can enjoy the tax benefit on home loan for the complete interest amount.
Source:- My Money Mantra
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