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Benefits Of Joint Home Loan You Need To Know

Since purchasing a property requires a huge amount of money it is a wise idea to apply for joint home loan. This joint application can be made in the name of your spouse, sibling or parent. This joint home loan tax benefit method maximizes your borrowing capacity, avail benefits under the Income Tax Act and share your debt burden.

Benefits of joint home loan for borrowers.

  • If individually you do not qualify for a preferred loan amount, a joint application may boost your chances of getting the amount you need. Thus, your eligibility for the loan goes high too.
  • You can purchase a property which is either bigger or in your preferred location 
  • Each co-owner can claim up to Rs. 2 lakhs on interest deduction.
  • Each co-owner can claim up to Rs. 1.5 lakhs on principal repayment. Read how can co-applicant get tax benefits on joint Home Loan
  • Co-applicants can split the cost of registration and stamp duty and claim deductions under Section 80C.
  • You can easily share your repayments and pay it off easily.
  • As a woman co-applicant you are liable for lower interest rate. This will help you avail a loan at affordable rate and pay it off easily. 

To be more clear of the terms you may use the home loan calculator available at the lender’s official website to know the loan repayments. This tool can be tweaked to achieve various combinations of loan amount, tenure and interest rate till you finalize on the amount convenient for you. To know more check loan terms with your Relationship Manager to take informed decisions.
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