1> I am planning to take SBI Joint Home Loan and my wife is a co-owner and co-applicant also and she is working. My salary is higher and currently come under 20% tax slab and she comes under 10% tax slab. But the full EMI is planned to be paid by me only. I want to know whether I can claim full tax exemption for Principal paid and interest paid. Can I do the same?
2> If the house is still under construction and would take 3 years to complete then how the Tax benefits work?
3> Tax benefits if the house is Rented out after possession after 3 years?
4> For SBI Home loans is it mandatory to have my wife as First co-applicant, if borrowing under Women scheme (lower interest rate), would this be beneficial ? (Would this have impact on my Question 1 – full tax benefits by me)
It would be really great if you can please write an article on Home loans tax benefits for a layman to understand this so-called complex process.