Buying a house comes along with substantial costs. Along with the broker fee, you also need to consider the down payment, loan processing fee, registration fee, and other home-linked charges that accompany a property purchase. In such a case, should you dip into your savings? Absolutely not!
If you’re married or have more than one earning member in the family, taking a joint home loan is the smartest way to finance your new abode. Why? Because it offers a host of benefits that you may not find in a standard loan.
Benefits of taking a joint home loan
A joint housing loan allows you to share the burden with a co-borrower who can be your spouse or family member. This makes it is a convenient way to finance a residential property and share the repayment responsibility. However, the ease of repayment is not the only benefit of a joint loan. Here are some more perks you can enjoy by opting for a joint home loan.
• Get a higher amount
Do you require a higher loan sum to purchase your dream home? Then a joint home loan might be perfect for you. That’s because when you apply for a joint loan, lenders consider the income and creditworthiness of both the co-borrowers. This way, you have a better chance of getting a higher loan amount than with a regular home loan.
Additional Read: Joint Home Loan – 5 Most Common Myths
• Competitive interest rates with woman co-borrower
If either you or your co-applicant is a woman, you can get more affordable interest rates on your home loan. Most lenders offer lower rates of interest to women co-borrowers. So, not only can you share the repayment burden, but you also enjoy attractive interest rates to lower the EMIs further.
• Lower stamp duty charges
Another advantage of purchasing a home using a joint loan is the reduced stamp duty. If your co-applicant is a woman registered as a joint owner of the property, you can avail of concessions on the stamp duty charges. This is because the Indian Government levies lower stamp duty charges to women homebuyers to encourage more women property purchasers. However, these charges may differ from state to state.
• Tax benefits
Did you know you can even get tax benefits by applying for a joint home loan? If you and your co-borrowers are the joint owners of the property and are contributing towards the repayment, you can both claim tax deductions separately. And according to Section 80C of the Income Tax Act, a borrower can claim up to Rs. 1.5 lakh on the principal amount in a year. However, you must know that the number of deductions available to individual borrowers will depend on the percentage of EMI amount they’re servicing.
Additional Read: Pros & Cons of Getting a Joint Home Loan For Married Couples
To sum up
So, are you considering a joint home loan? Then look no further! Tata Capital offers both regular and joint home loans at competitive interest rates. All you have to do is check your home loan eligibility and apply for a loan through a hassle-free online process. With Tata Capital, your dream home can finally become your actual address!
Just visit our website to get in touch with us today.