Joint Home Loan: Home loan is one such way through which you can get your dream home. But there are many advantages of home loan. If you take a home loan jointly, that is, with someone, then you get the benefit of that too.
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Joint Home Loan: Whose dream is not to get the house of their dreams, but sometimes due to many circumstances this work cannot be completed. But there is a term in the world of finance, with the help of which you can easily and affordably own your dream home. This term is Home Loan. Home loan is one such way through which you can get your dream home. But home loanThere are many advantages. If you take a home loan jointly, that is, with someone, then you get the benefit of that too. It has often been seen that due to the huge amount, people take a home loan along with their spouse or siblings. If any one has difficulty in paying the loan amount, then he can take the help of the other partner in the joint account.
What are the advantages of joint home loan
There are many advantages of joint home loan. Suppose if you have a good credit score and your combined income is enough to cover the EMI, then you get maximum loan at good interest rates. Apart from this, in case of joint home loan, both the people can claim income tax benefit under section 80C.
At the same time, both can avail Rs 2 lakh on interest and Rs 5 lakh on principal. This is a matter of benefits, but it is not that there are only and only benefits of Joint Home Loan. It also has some disadvantages.
What are the disadvantages of joint home loan
Under joint home loan, you apply for a home loan along with your other partner. In such a situation, the responsibility of repaying the home loan amount lies on both. In such a situation, if your co-applicant is unable to pay the EMI, then it may affect your credit score.
Now the special thing here is that if you keep a female co-applicant in your joint home loan application, then you can get different benefits.
What are the benefits of the applicator for women
Many lenders offer low home loan interest rates for women home loan buyers
This rate is approximately 05% (5 basis points) less than the normal home loan rate
If the co-applicant in the home loan is a woman, then you can also get the benefit of low interest rate.