Joint Home Loans: Everyone dreams of owning their own home, right? And many of us save up for years to make that dream a reality. But buying a home outright can be tough, especially when you’re talking about a big chunk of money. That’s where a home loan comes in – it’s a lifesaver! And you know what? A joint home loan can make things even easier. It’s usually easier to get approved for, and you can borrow more money. If you and your spouse are both working professionals, a joint home loan is a great option. Who can you get a joint home loan with? Well, pretty much anyone! But having a woman as a joint applicant can give you some extra benefits. You and your spouse can apply together, or if you’re single, you can include your parents or sister on the application.
Here’s the good news: When you apply for a joint home loan with your spouse, you can both claim income tax benefits under Section 80C. You can each get a deduction of up to ₹2 lakh on the interest paid, and you can also claim a deduction of up to ₹1.5 lakh per year on the principal amount. Some banks and financial institutions offer lower interest rates on home loans when a woman is involved. These rates can be as much as 0.05% lower. Having a woman’s name on the property can also give you discounts on stamp duty and registration fees. But remember, these benefits only apply if the woman is a co-owner of the property.
There’s also a bonus for first-time homebuyers! You can get an additional deduction of ₹50,000 on the interest paid on your home loan. But the loan amount can’t be more than ₹35 lakh, and the property value can’t be more than ₹50 lakh. To get the extra deduction of ₹1.5 lakh on interest payments, the stamp duty value should also be ₹45 lakh or less. And here’s another perk: A joint home loan can actually improve your credit score! Since home loans are considered very secure, getting one together can boost both of your credit ratings. Plus, if you’re both working, sharing the responsibility of the loan payments makes things much easier.
