Get a Joint Housing Loan to finance your Property
Every individual has a dream of his own house, but purchasing a home is a herculean task because it requires a huge investment. To fulfill the dream of own house, a requirement of joint home loan arises. A joint home loan is a housing loan which is taken by more than one person and the repayment is done with equal financial responsibility. The co-applicant for the join home loan can be the family members, including spouses, siblings etc.
Buying a home is not an easy task because it is the biggest financial commitment that an individual makes in his life as the tenure of repayment of the home loan goes up to 30 years. There are various benefits of taking joint home loan such as your loan eligibility become better when you take a joint home loan because of the income of two individual involved in it. Banks are ready to offer higher loan amount as you the repayment capacity increases because more than one person is involved in repayment. Special rates are offered for the women applicant which are lower than the normal rate of interest. You will get higher tax benefits as both the co-applicant take benefits under section 80C by up to 1.5 lakhs.
Repayment responsibility is also divided among two people, the Bank nor you have to fear about defaulting on loan payment since there is another equally responsible Co-applicant who can pay the EMI. So, these are the benefits of taking a joint home loan.
Buying a home is not an easy task because it is the biggest financial commitment that an individual makes in his life as the tenure of repayment of the home loan goes up to 30 years. There are various benefits of taking joint home loan such as your loan eligibility become better when you take a joint home loan because of the income of two individual involved in it. Banks are ready to offer higher loan amount as you the repayment capacity increases because more than one person is involved in repayment. Special rates are offered for the women applicant which are lower than the normal rate of interest. You will get higher tax benefits as both the co-applicant take benefits under section 80C by up to 1.5 lakhs.
Additional Reading:- Take a Joint Housing Loan to finance your Property
Repayment responsibility is also divided among two people, the Bank nor you have to fear about defaulting on loan payment since there is another equally responsible Co-applicant who can pay the EMI. So, these are the benefits of taking a joint home loan.
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