Advantages of Taking Joint Home Loan

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Buying a home

Buying a home is a frenzied task and a lot of effort and time goes into this. People work day in and day out to own a dream house for themselves. But, since the property prices are skyrocketing at such a rapid pace, people find it difficult to shell out so much money from their own pockets. Since, it is impossible to spend your entire hard earned money for buying a house; hence, people take home loans from banks and other such institutions to accomplish their goal. And in case you want to procure home loan, then why not think about taking joint home loan! There are various added benefits for obtaining home loans. Read ahead to know them.

  • The most important advantage is that it enhances the loan eligibility. Income of the individuals are clubbed together to determine their loan eligibility, which helps in procuring higher loan amount.
  • The number of people who can procure these joint home loans range from two to six people as per their credit profiles.
  • Tax rebate is another added advantage for availing joint home loans. Each individual is benefited to tax benefits under Section 24 for interest repayment and Section 80 C for principal repayment.

Who All Can Take Joint Home Loans?

  • Married couples or a parent with his/her children can avail joint home loans
  • Brothers can also procure home loans jointly only if they are co-owners of the property.
  • Friends, unmarried couples and even sisters are barred from most of the banks for a joint home loan

Obviously, there are some restrictions on which all can opt for joint home loans. But to enjoy the maximum benefits, Joint home loan is the most practical option as it lowers your tax burden and increases the tax benefits.

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  • Admin

    Nidhi Arora

    24 August, 2018 at 3:37 pm

    A joint home loan can be gotten by an applicant alongside his/her parent, accomplice or kin. Since purchasing a property requires a lot of cash, and on the off chance that you don't gain enough to meet all requirements for a house loan independently, at that point you can choose a joint home loan. Thanks.

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  • Admin

    Vishal Shekhar

    24 August, 2018 at 3:40 pm

    One of the essential advantages of a joint home loan is that it boosts the obtaining limit of the home purchasers. And, that is the key. I often come to your blog as it provides me the useful information. Thanks.

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  • Admin

    Accordian Doors

    29 March, 2011 at 9:54 am

    This is a big help for those who want to own a house. Nice blog! :))

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