Benefits Of Joint Home Loan

Applying with a co-applicant enhances your home loan eligibility and help you purchase a big house. Find out more benefits of joint home loans here.

9 Oct,2017 05:45 IST 641
Benefits Of Joint Home Loan

Written by Sabi Aggarwal

Husband working in an electronic showroom and wife taking tuitions

The above snapshot gives an example of a working couple. They availed Swaraj Home Loans to realize their housing dreams. By availing a joint home loan they shared their debt burden and also get a higher housing loan.

A joint home loan is given to blood relatives like parents and children or married couples. If you are worried because of your low CIBIL score, income or debt burden, go for joint home loans. Let’s have a glance on some of the benefits of Joint Home Loan and see how this can make your life easier.

  • Higher Eligibility: Clubbing of incomes of more than one borrower would enable higher eligibility and in turn, would help the borrower to purchase a bigger house.
  • Lower Interest rate: Some Financial Institutions offer lower interest rates with female co-borrower being a single/joint property owner as well.
  • Lesser burden: With more than one borrower, the repayment of EMIs can be divided amongst them to enable lesser burden on one applicant.
  • Tax Benefits: In case of joint home loans, co-borrower can claim deduction under section 24 against interest repaid and section 80C against principal repayment.

Additionally, applying with a co-applicant makes you eligible for benefits under progressive schemes of Government. In order to become eligible for Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana, one adult female membership is mandatory in the property ownership.

Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.

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