Home Loan: You will get these big benefits on taking home loan in the name of your wife..

While taking a home loan, most of the people pay attention only to the home loan interest rates. If you also want to take a home loan and get more benefits, then you can apply for a joint home loan, which has many benefits (Joint Home Loan Benefits). Joint application makes things easier. Let us know about the benefits of a joint home loan application so that you can easily decide which home loan should be taken.

1- You can get more loan
Before giving a loan, banks look at your credit score, income, and source of income. Banks refuse to give loans due to a lack of salary as per the loan amount or a weak credit score. In this situation, if you get support from a co-applicant who has a good salary and a strong credit score, then there will be no problem in getting a joint loan. The loan amount increases easily in the joint application.

2- Double benefit in tax saving
Two types of tax benefits are available on the home loan. Benefits up to Rs 1.5 lakh are available in a financial year under Section 80C on principal amount repayment. Tax exemption up to Rs 2 lakh is available on interest repayment. By taking a joint loan, both get the benefit, however, for this, the co-borrower should also be a co-owner of the purchased property. If this is not so, he cannot avail of tax benefits. Despite being a partner in paying the EMI, he will not get its benefit.

3- More interest relaxation for female co-applicants
If the co-applicant is a woman, she gets more discount on the interest rate. The bank gives a 0.05 percent concession in interest rate to women as compared to men. Many times the condition of the bank is that the female co-applicant should be a partner as well as a co-owner in the loan. So, if you are also thinking of taking a home loan, then definitely consider whether you can take a loan along with your wife, this will benefit you greatly.

4- Concession is available in stamp duty
Concession in stamp duty is also available if the house is registered in the name of a woman or if there is joint ownership. Stamp duty and registration fees also vary in different states. If a woman's name is in the ownership, a concession of 1-2 percent is available. For information, let us tell you that all these expenses are covered under 80C. That means here also you will get tax benefits.

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