5 Facts You May know Before Availing Joint Home Loan

Living in your dream home is no big deal in today’s time. Though there are a large number of platforms to guide regarding home loans, yet certain things to keep in mind are listed below:

Joint home loans: A joint home loan implies bringing in family members for the loan application. Co-applicant can add to eligibility for the loan. 


Documentation: The initial procedure for a home loan involves paperwork formalities. Necessary documents include PAN card, income and address proof, banking papers, and property papers.

Income matters: The reason why joint home loans are readily accepted is because of the joint income of the applicants. The collective income of the applicants is any day preferable by the loan lenders.

Shared Responsibility: The loan applicators are expected to be aware of their responsibility regarding the payment of the loan and EMI, on due time.


Shared Benefits: Just like the responsibility, benefits related to the tax are equally shared. According to IT-Act, under section 80C, loan applicants are eligible for tax benefits in case the principal amount is up to Rs 1.5 Lakhs.

Read: - 6 FACTS TO KNOW ABOUT JOINT HOME LOANS

The tax benefits can also be enjoyed by both applicants on interest payment of up to 2 lakhs, as per section 24 under the income tax act.

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