My Wife has taken a joint housing loan Rs 28.86 lac in 2013 Oct from PNB. Now We have following - 1. Loan A/c (my wife and me as joint) 2. PNB Bank Joint a/c (my wife and me). 3. SBI a/c of my wife 4. SBI a/c of myself. Now, EMI of 27000 gets deducted at 5th of every month from PNB Bank Joint a/c and goes to Loan A/c. Sometimes i transfer 27K from my sbi to pnb joint at around 27th of month for next month emi and at other times my wife transfers 27K from her sbi to pnb joint ac at around 27th of month for next month emi. How do i pass journal entries in our separate book of accounts. Any help is appreciated in this regard.
4 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 28 April 2015
Since you both have taken a joint home loan equal EMI's need to be tranferred from oth of your personal accounts into the joint account of PNB whihc in turn would get trasnferred to teh loan account.
What you can do is both of you can set an Auto Debit facility from each of your individuals accounts to the joint account, so there's no need of one you trasnferring one mont and the other the other month.
I suppose that you both are working and are being assessed to income-tax.
Rohit
(Others)
(39 Points)
Replied 28 April 2015
Thanks a lot for the quick reply. I will do that from next EMI itself.
In the meantime, for last year i have paid few emi's 27K's from my sbi, and few from my wife's. What can I do for that ? Or Do I leave that like that only.. ?
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 28 April 2015
I suppose that the proportion of the interest would be fixed between you both. So anyway out of the total interest paid as per bank certificate the same would be apportioned between you too.
But however just try to reconcile the EMI's paid here and there from your both accounts to match-up with the bank interest certificate.
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