Applying for a joint home loan not only increases your chance of qualifying for a home loan and makes you eligible for a higher loan amount, it also maximizes your income tax benefits which means more savings.
As per the Income Tax Act of 1961, you can avail tax deductions of up to Rs.1.5 lakh under section 80C and up to Rs.2 lakh under Section 24 for availing home loans.

Tax Benefits u/s 80C – both of the co-applicants of a joint house loan can avail joint home loan benefits in income tax up to Rs.1.5 lakh for the repayment of principal amount under section 80C of the IT Act. But this deduction is available only on a fully constructed housing property which should be owned by you.
Tax Benefits u/s 24 – A maximum tax exemption of Rs.2 lakh is available for both the co-borrowers in a joint home loan under Section 24. However, in order to avail this deduction, the construction of your house must be completed within five years from the loan commencement date.
First-time home buyers can even avail an additional tax deduction of up to Rs.50,000 on interest repayment of home loans under section 80EEE. It is important to keep in mind that these tax benefits are distributed among the joint home loan co-applicants in proportion of their ownership share in the property.
Hope now you are aware of income tax exemption under 80c deduction, sec 24 and section 80EEE.