The value of homes has surged so much that buying your own house requires assistance in the form of a home loan. Many individuals fail to pay attention to the interest rates while taking a home loan for their house. In such scenarios, they end up with expensive loans. However, if you are looking to secure a home loan and gain additional benefits from it, this information is crucial for you.
Seeking greater benefits from a home loan? You can apply for a joint home loan, which has numerous advantages. Let’s delve into this in detail…
Before lending a loan, banks scrutinize your credit score, income, and its sources. If your income isn’t substantial or your credit score is weak, the bank might deny the loan. In such circumstances, if you’ve received support from a co-applicant with a good income and a strong credit score, there won’t be any obstacles in obtaining a joint loan. Moreover, in a joint application, you can easily increase the loan amount.
There are two types of tax benefits available on home loans. Under Section 80C, you can avail tax benefits up to ₹1.5 lakh in the financial year against the principal amount. Additionally, a tax deduction is available on the interest repayment of up to ₹2 lakh. While both co-applicants can benefit from a joint loan, for this, the co-owner must also be the co-borrower; otherwise, he cannot reap the tax benefits. Even though being a part of the EMI payment, a co-applicant won’t get any benefit.
If the co-applicant is a woman, she gets more savings on the interest rate. Banks offer a 0.05% lower interest rate for women as compared to men. Sometimes, banks set a condition where a woman co-applicant should be a co-owner as well. This could result in significant advantages. Therefore, if you are considering taking a home loan, think about applying jointly with your spouse; this can bring you many benefits.
If the property is registered in the name of a woman or is jointly owned, there are savings in stamp duty fees. The stamp duty and registration fees vary from state to state. If a property is under a woman’s ownership, there can be a 1-2% savings. It’s worth noting that all these expenses are included under Section 80C, which means you can also receive tax benefits on these expenditures.
We take pride in having comprehensive knowledge about the real estate market in various areas such as Mumbai, Navi Mumbai, Thane, as well as surrounding regions like Karjat, Neral, Vangani, Badlapur, among others. To provide our customers with the best options available, we have utilized this knowledge. Contact MakaanBhai.com now for a secure transaction in your home. We, MakaanBhai.com, are the number one property advisors in Mumbai with zero brokerage fees, and our experienced professionals are committed to guiding you through the entire process.
Information Source : Internet
