New Delhi, Jan. 31 -- Higher loan eligibility is the sole benefit of a joint home loan. It also allows the borrowers to claim tax benefits individually. For instance, a couple can collectively claim deductions of up to Rs.4 lakh under Section 24 on the interest.

However, being a co-borrower doesn't automatically qualify you for the tax benefits. Factors like under whose name the property is registered and from whose bank account monthly instalments are paid play a role in deciding whether both co-borrowers can get tax benefits.

Mint explains these intricacies in frequently asked questions (FAQ).

No, you can't, as you are not a co-owner of the property. The primary condition to claim tax deductions on home loan interest under Section 24...