Joint Home Loan: Nowadays, buying a house is everyone’s dream, but due to rising inflation, this dream becomes a bit difficult. In such a situation, taking a home loan together with the wife can prove to be a great option. Taking a joint home loan not only gives a good discount on the interest rate of EMI but huge savings can also be made in income tax. This is a smart way to make your dream home come true.
How is it beneficial
On taking a joint home loan, the interest rate is reduced, which also affects the EMI. Also, the loan limit of the borrower increases. This is an opportunity that you can take advantage of to buy your dream house quickly.
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The loan will be so cheap
Most banks offer the same loan on home loans, but if a borrower takes a joint home loan, he gets the loan at a lower interest rate. According to the information received, on taking a joint home loan, you get a discount of 0.05 percent interest rate. Apart from this, if you take a house with your wife, she must have ownership rights on the property.
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Tax savings of lakhs of rupees
By taking a joint home loan, you not only get benefits on the loan but also get income tax exemption. Both co-applicants of a joint home loan can apply for separate tax benefits. Both husband and wife can claim up to Rs 1.5 lakh each. Along with this, both husband and wife can claim up to Rs 2 lakh each under Section 24. That is, in total you get the benefit of a loan of up to Rs 7 lakh.
People with a low credit score will also get a loan
Many people have difficulty in taking a loan due to low credit scores. In such a great situation, you can also take the help of the joint home loan. But in this situation, the co-applicant should have a good credit score. Along with this, he must have a source of income. Along with this, you also get many legal benefits. Because if you buy a house with your wife, she also has rights over the property. In such a situation, if any legal problem arises in the future, both of them can face it together.
Taking a home loan together with your wife is a smart and beneficial option. This not only reduces the financial burden but also saves a lot of tax. This is a great way to make your dream home a reality. Therefore, if you are also planning to buy a house, then definitely think about a joint home loan.
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