INSUBCONTINENT EXCLUSIVE:
The escalating prices of real estate have
made housing loans very popular and owning a home is a common desire among us
However, many a time, borrowers feel burdened with debt that will last for a long tenure and are unaware of the fact that this can be eased
of opting for a joint home loan is that it allows you to borrow a bigger amount
The lender in this case will not just consider your income, but will consider the income of your co-borrowers as well and hence a higher
amount of money can be borrowed in joint home loans
Loan SanctionSuch a loan-sharing program works best for households where one person's income is not enough for a loan requirement
When the income of more than one person is combined, the repayment capacity increases and the chances of getting the loan approved are
Friends, and unmarried partners are, however, not allowed to borrow loans jointly
home loans are beneficial from a tax-saving perspective as well
The Income Tax Act provides that a borrower can claim an exemption under Section 80 C up to Rs 1,50,000 for the principal repayment and up
to Rs 2,00,000 on the interest amount under Section 24
1,50,000 under 80 C and Rs
For example, for loan taken jointly by a husband and wife, the total tax deductions can be as high as Rs
3,00,000 under 80C and Rs
The risk of defaulting on loan payment is also lesser as the co-borrower will share equal responsibility to pay the instalments or repay the
forcing him or her to opt for lower EMI amounts and a longer tenure, thus increasing the total interest being paid out
But in case of a joint home loan, the responsibility of repaying the amount is divided and hence there is a higher possibility that the
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