Can we buy a home with joint loan taken with my brother and get tax exemption for both of us (for both principal amount and interest) in the ratio of payment made? Do they have any extra interest rates for these kind of joint home loans?
You can apply for a joint loan with your brother and you can get a loan if your combined/own income can justify the same. However, not many banks readily give loans to brothers as co-borrowers so your choice might be a slightly limited. In order to be able to claim the tax benefits individually, you and your brother both should co-owners in the said property. Tax deduction benefits will be available separately under section 24 (interest payable on the loan) limited to R1.50 lakh each if property is self occupied and under Section 80C to the fullest extent of R1 lakh each (for the principle repaid) as per the respective ratios of the loan. The rate of interest for joint home loans is same as that for the single applicant, expect that your choice maybe linked as discussed above.
Does any bank have a home loan scheme where there’s a moratorium of 18 months to two years for an under-construction property? This would mean that I don’t have to pay money for 18 months and my EMI will start only from the 19th month.
To the best of our knowledge, no bank provides moratorium for home loans. Most offer construction-linked loan plans wherein you pay the simple interest for the period of construction (also known as pre-EMI interest) and the EMI starts on completion of construction. Lenders are choosy about which under-construction project they will fund. Ensure that the project you select is approved by the lender of your choice.
Some builders have schemes where they bear the pre-EMI interest amount in the construction period. This is a separate arrangement between you and the builder. If the builder doesn’t pay the pre-EMI interest to the bank, you will have to still pay it to the bank.