The Kalamkar

Joint Home Loan: If you want to buy a house, take a home loan in the name of both husband and wife, you will get these benefits on joint home loan

If your home loan is not getting confirmed, then you can avail the facility of Joint Home Loan along with your family member. Let us know about it in detail.

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The Kalamkar News (New Delhi). If you are planning to buy a house, and you also need to take a home loan. If due to some reason your credit score is not correct according to the bank, then it becomes difficult for you to get a loan. It is very important to have a good credit score for a loan. If you are not able to fulfill the eligibility criteria of the bank. So you have a great option of joint home loan. Through this you can increase your borrowing capacity. However, it also has some advantages and disadvantages.

If you can take a Joint Home Loan with your family members or parents, spouse, male child or brothers living together. In this, it is not mandatory for the co-borrower to be a co-owner of the property.

These are the benefits

You can take more loans from banks in joint home loan. It is important that both the people fulfill the basic eligibility criteria of the bank. 
There can be many reasons for failure to take a loan from any bank or financial institution. In this, bad credit score and insufficient income may be the main reasons. 
In joint home loan, one can avail tax deduction benefit under Section 24 and Section 80C within the prescribed limit. 
Joint loan takers can avail tax benefits of Rs 1.5 lakh and Rs 2 lakh.
According to the Income Tax Act, you can get a total benefit of Rs 7 lakh.
Income Tax Notice: Income Tax Department keeps an eagle eye on these 5 transactions of yours, will send notice immediately
this is the loss
If a co-borrower fails to repay the home loan EMI on time, the credit scores of both the borrowers are affected.
If there is any dispute between the co-borrowers, both may have to suffer the consequences.
If one borrower does not pay the EMI, both will suffer losses.
If the loan is taken by husband and wife together. If divorce occurs later, it may lead to a legal dispute which may take a long time to resolve.