Why to take House Loan jointly & why have joint ownership while purchasing a home is explained in this Youtube video The house when taken on house loan should preferably take in joint names. If both husband and wife are paying EMI both will get 50% each tax deduction of the EMI paid If only husband is paying then the loan principal debtor should be the concern person paying the loan In such cases the bank can suggest to take Term Insurance of equal amount of loan. so in case of any life casualty wherein the principal debtor is no more than the wife is saved from paying the future EMI and the term insurance money is taken by the Bank. Why to take property jointly because if you think of adding anyone wife or children in your house it amounts to gift which attracts Gift tax of 1 % of ready reckoner value of the concern house.