Joint Home Loan: Take a joint home loan in your wife's name to buy a house, and you will get these big benefits..

Joint Home Loan Interest Rate: If you are planning to buy a house, and you also need to take a home loan. If for some reason, your credit score is not correct according to the bank, then it becomes difficult for you to get a loan.

It is very important to have a good credit score for a loan. If you are not able to fulfill the eligibility criteria of the bank. So you have a great option of a joint home loan. Through this, you can increase your borrowing capacity. However, it also has some advantages and disadvantages.

You can apply like this-
If you can take a Joint Home Loan with your family members or parents, spouse, male child, or brothers living together. In this, the co-borrower doesn't need to be a co-owner of the property.

These are the benefits-
You can take more loans from banks in joint home loans. Both people must fulfill the basic eligibility criteria of the bank.

There can be many reasons for failure to take a loan from any bank or financial institution. In this, bad credit scores and insufficient income may be the main reasons.

In a joint home loan, one can avail of tax deduction benefits under Section 24 and Section 80C within the prescribed limit.

Joint loan takers can avail tax benefits of Rs 1.5 lakh and Rs 2 lakh.

According to the Income Tax Act, you can get a total benefit of Rs 7 lakh.

This is the disadvantage-
All financial products may have some advantages and disadvantages. Similarly, there are some shortcomings in joint home loans also.

If a co-borrower fails to repay the home loan EMI on time, the credit scores of both borrowers are affected.

If there is any dispute between the co-borrowers, both may have to suffer the consequences.

If one borrower does not pay the EMI, both will suffer losses.

If the loan is taken by husband and wife together. If divorce occurs later, it may lead to a legal dispute which may take a long time to resolve.

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