With the real estate sector in India expected to contribute about 13% of the country’s GDP by 2025, the demand for home loans is also at an all-time high. More and more people are looking to avail credits to invest in residential and commercial properties. Further, surveys suggest an 18% YoY increase in the 2018 of joint home loan applications.
With a joint home loan, you can increase your loan eligibility. By applying for the loan with co-applicants who have their independent source of income, you can be eligible to avail a higher loan amount than that of a standard home loan.
A joint home loan is one that is availed by two or more people together. Since the loan is availed jointly, the repayment liability for the loan is also divided equally among the co-applicants. Since more people are applying for the loan, financial institutions are more willing to extend, owing to low-risk levels.
You can apply for a home loan jointly with the following people:
There are numerous benefits to taking a joint home loan. For instance,
A significant advantage of a joint housing loan is its tax benefits. You are eligible to enjoy tax benefits under Section 80C and Section 24B of the Income Tax Act. The tax benefit on joint home loan include:
Lenders usually extend a higher eligible loan amount in case of a joint housing loan. The loan amount depends on the borrowers’ capacity to repay it. Since you and your co-applicants’ incomes are considered as a joint sum repayment capability for the loan, you automatically become eligible to avail a higher amount.
Few financial institutions offer a lower interest rate for women home loan applicants, which is a few points lower than standard interest rates. To avail such interest rates, the female has to be the sole or co-owner of the property and an applicant or a co-applicant for the home loan.
When it comes to availing a home loan, there is always a higher chance to avail a joint home loan faster than a standard home loan. Financial institutions consider joint home loan applications a better prospect.
Thus applying for home loans jointly can give you many extra benefits over standard home loans. However, make sure you know about your loan eligibility by using the home loan eligibility calculator to make the process of availing the joint loan simple.
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