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If you can and meet requirements, it is always a better proposition to take a joint home loan in India. Let's say that Suman, decides on buying an apartment of Rs 90 lakhs and the home loan company gives him a loan of Rs 40 lakhs, in place of Rs 70 lakhs that he desires. In this case, if his wife is working, she can apply for a joint home loan.
 Remember, that joint home loans, come with various advantages, as compared to applying alone. 
Of course, it is possible only if the co-applicant is also eligible to take a home loan. Let's check the advantages of a joint home loan: 
1) Tax benefits for both home loan applicants Tax Benefit on Home Loans are immense. First, for payment of Interest component of the loan, a deduction under Section 24 of the Income Tax Act up to Rs 2 lakhs has been permitted for a self occupied residence. 
For a residence that is not self occupied no limit has been set. Now, if interest payment is made by both the loan applicants, you get tax benefits on interest paid up to Rs 4 lakhs (2 lakhs each). 
For the principal amount of the loan one gets a tax benefit of Rs 1.5 lakhs per year under Sec 80C. 
Now, here again by taking a home loan jointly, both applicants can get a joint tax deduction of Rs 3 lakhs on the principal amount paid. So,  whopping tax benefits of Rs 7 lakhs for home loans taken for a self occupied property jointly by the co-applicants. It can get much higher, if the house if not self occupied.