Joint home loan benefits If you are going to take a home loan, then you can also consider the option of joint home loan. It is easily available as compared to a normal home loan. The loan amount can also be higher. If both the husband and wife are professionals, then joint home loan is a better option. It provides tax exemption and also improves the credit score.
Every one of us wants to have a house of our own. For this, many people raise capital by saving every penny for a long time. However, it is still difficult to buy a house by paying a lump sum amount. In such a situation, taking the help of a home loan becomes the easiest option to buy or build a house.
While taking a home loan, you can also consider a joint home loan. It is more easily available than a normal home loan. The loan amount can also be higher in this. If both the husband and wife are professionals, then a joint home loan (Joint home loan benefits) is their best option.
With whom can you take a joint home loan?
You can take a joint home loan with anyone. But, there are more benefits if a woman is the joint applicant. Husband and wife can take a joint loan together. If the man is not married, then he can also make his parents or sister applicants.
Tax exemption is available on joint loan
If you apply for a joint home loan with your wife, then both of you can claim income tax benefit (Tax savings on home loan) under section 80C. Both will get separate tax exemption of Rs 2 lakh on interest on prepayment. A maximum tax exemption of Rs 1.5 lakh can also be availed on the principal amount in 1 year.
Home loan will be available at concessional interest rate
Many banks and NBFCs provide home loans at concessional interest rates in case the buyer is a woman. These rates are usually reduced by 0.05 percent. There is also some discount in stamp duty and registration fees if the property is in the name of a woman. However, all these benefits will be available only if the woman is also a co-owner of the property.
Additional discount on buying the first house
On buying a house for the first time, an additional deduction of Rs 50,000 is available on the home loan interest. But, for this, the loan amount should not be more than Rs 35 lakh and the property price should not be more than Rs 50 lakh. To get an additional discount of Rs 1.5 lakh on paying interest, the stamp duty value should also be Rs 45 lakh or less.
Credit score will also improve
On taking a joint home loan, the credit score of both the applicants (Credit score improvement with joint loan) also improves, because home loan is considered to be the most secure loan. If your spouse is also a professional, then by taking a home loan together with him/her, the burden of EMI will not fall on only one person.