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

social media

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.

PC Social media

From around the web