Joint Home Loan
- Posted By : Pooja-Agrawal-
- Posted Date : January 9, 2019
- EmailID : email@example.com
- Short URL : https://indi.in/VX4fw
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A home is once in a lifetime investment and everyone wants it to be as good as possible. For that we need to make a huge financial shedding and in order to do it we need to save from the start of the career. However, that saving also proves to be not enough for the down payment only. So the only option left is to take a home loan to buy your dream home. However, instead of opting for an individual loan, you can consider a joint home loan. A joint home loan will not only help you to share your debt-burden but also allow you to get a higher loan as the income of co-borrowers will be considered.
A co-applicant to your home loan helps –
increase your loan eligibility
buy a bigger home
get your home in your preferred location
avail of higher tax benefits
share loan repayment
A co-applicant need not be part owner of the property. Women co-applicants could enjoy a lower rate. Generally, an immediate family member can be your co-applicant. The co-applicant can be salaried or self-employed; Non-Resident Indians or NRIs is also eligible to be co-applicants. Adding co-applicants will increase the chance of getting a higher loan amount and also based on the income of the co-applicant the eligibility is also increased.
So if looking to buy a home opt for a joint home loan instead of an individual home loan and share your burden of EMIs and happiness of buying a home.
Joint Home Loan brings some benefits from the taxation point of view. You can opt for the benefits under Section Section 24B, 80C & 80EE.