Joint Home Loan Benefits: Double benefit of taking joint home loan with wife, important things to know before taking the loan
You get many benefits by taking a joint home loan. If you are thinking of taking a home loan, then you can apply for it along with your wife. With this you will get a huge amount as loan at low interest rate. Together, both people can also claim tax exemption. Let us know about it in detail.
The Kalamkar News (New Delhi). Everyone has a dream to have their own house. But considering the property prices, it is not possible to save enough to buy a house. Therefore, most people take the help of home loan to build or buy their house.
Through home loan, you get the desired amount for your house and you can repay it later in easy installments. On taking a home loan, you also get tax exemption under Section 80C of Income Tax.
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But do you know that there are many benefits of taking a joint home loan. At the same time, if she is a female applicant, she gets many different benefits. You can also make your wife or sister a joint applicant for home loan. Let us know what are the benefits of joint home loan.
Benefits of joint home loan
If you apply for a joint home loan with your wife, then the biggest advantage is that depending on the income and credit score of both of you, you get the desired amount as loan at a good interest rate.
At the same time, one of its advantages is that in case of home loan, both the people can claim income tax benefit under Section 80C. Both applicants can avail the benefit of Rs 2 lakh on interest and Rs 5 lakh on principal.
Lower interest rates for female applicants
If you include a woman applicant in your joint home loan application, you get different benefits. Let us tell you that banks provide loans at low interest rates to women home loan applicants.
This rate is approximately 0.05 percent i.e. 5 basis points less than the normal home loan rate. In this way, you can also take advantage of lower interest rates by applying for home loan as a female applicant.
The burden of paying EMI will not fall on anyone
Let us tell you that if you take a joint home loan, no one person will have to bear the burden of repaying it. Because this will link the bank accounts of both the applicants so that no EMI will be missed.
But for this you have to keep in mind that before the EMI date, there should be enough money in either of the two bank accounts to pay the installment. If there is no money in both the accounts, your credit score may be affected.