Joint Home Loan: EMI Repayment Options and Tax Benefit Rules
I bought a condominium house with my brother and took out a mortgage with a bank. The bank manager says that EMI will have to be paid through ECS from one bank account. A single interest and capital reimbursement certificate will also be issued in common name. I will transfer my share of the EMI home loan to my brother’s bank account from there the full EMI will be paid via ECS to the bank. In such a situation, can both of us, the co-owner, benefit from the advantages under the income tax laws and in what proportion?