Benefits of taking a Joint Home Loan

When you take a home loan jointly with your wife, mother, daughter or sister, and the property is owned by her either individually or jointly, some states offer a lower fee for property registration.

The repayment of EMI for a joint loan has to be made from a joint account owned by the co-applicants. This makes it easier to track the contributions as well as enable ease of repayment.

Succession and other legal issues are reduced if the husband and wife jointly owns a property.

In a joint home loan, since the bank combines incomes of the applicants involved, a proportionately higher loan amount of loan will be sanctioned to them.

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If you choose a shared house loan, banks will be willing to provide you with larger loan amounts. This is due to the loan’s increased repayment capability and the fact that it can be repaid by several parties. The income of the co-applicant(s) and the standing of the company where he or she works both affect how much more money will be borrowed.

Why Take a Joint Home Loan?

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Choosing a combined housing finance has two benefits. As follows:

Higher loan amounts: Let’s say you want to buy a house for Rs. 1 crore, but you only have Rs. 75 lakh in savings. This loan could have an EMI of around Rs. 64,000 per month for a 30-year term. However, your monthly earnings of Rs. 60,000 is significantly less than the EMI payment. Therefore, if you seek for a home loan, it will undoubtedly be denied. Having a co-applicant in this circumstance can increase your chances of receiving the loan. The bank will accept your joint income if you apply with your husband, whose monthly income is Rs. 70,000.

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Greater tax advantages: Financing for self-occupied real estate offers two tax breaks: a deduction for principal repayment under Section 80C and an interest payment deduction under Section 24 of the Income Tax Act. Typically, you can deduct up to Rs. 1.5 lakh from your taxes under Section 80C, and you can save up to Rs. 2 lakh through Section 24.

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Benefits of taking a Joint Home Loan

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