Home Loans & Insurance: How Couples Can Structure Them For Tax Efficiency

Couples can potentially improve tax efficiency by carefully structuring home loans and insurance payments. For a jointly purchased home, both partners may claim eligible tax benefits on interest and principal repayment when both contribute to the payments. Vishal Dhawan, Founder & CEO, Plan Ahead Wealth Advisors, says couples should decide ownership, payment responsibilities and loan repayment structure at the time of purchase. Health insurance planning can also include coverage for children and senior citizen parents, where eligible deductions may apply. Preventive health check-ups can offer additional tax benefits. While many such deductions are linked to the old tax regime, thoughtful planning can help couples maximise available benefits.