Are you dreaming of buying a house? If you are thinking of taking a home loan for this, then this news is for you. Do you know that your wife can make your home loan more affordable? Yes, taking a joint home loan can prove to be beneficial for you. You can get many benefits by taking a joint home loan with your wife. With this, you get a home loan at a lower interest rate (Lowest Home Loan Interest Rate). Due to this your EMI also gets reduced. Apart from this, you can also save income tax in joint home loan.
Not only wife, if you make your mother, wife sister, or any woman your co-applicant in a joint home loan, then you can get a home loan at a lower interest rate. Let us know what are the benefits of a home loan...
Low interest rates
When you take a home loan together with your wife, the bank may be ready to give you a loan at a lower interest rate. When you take a home loan with your wife, you can get a discount of up to 0.05% in the interest rate. This means that you will have to pay less EMI every month.
Tax savings
Taking a joint home loan can also save you a lot of tax. Both of you, husband and wife, can avail of different tax exemptions. This means that your total tax liability will be reduced.
Through this, both husband and wife can avail different tax exemptions. You can claim a tax exemption of up to Rs 3 lakh on the principal amount and Rs 4 lakh on the interest. That is, in total, you can save tax up to Rs 7 lakh.
Right to property
When you take a joint home loan, the property of the house is in the name of both. This prevents any kind of legal problem in the future.
Easy loan approval
Many times banks hesitate to give home loans based on the income of only one person. But when the income of both spouses is combined, the chances of getting a loan increase.
Feeling of security
When the property is in the name of both, there is a feeling of security. If any emergency arises in the future, both can support each other.
The woman must have ownership rights in the house.
However, to avail of this discount, the woman must have ownership rights of the house. Not all banks give interest rate discounts to women. The discount rate may vary in different banks. So read all the terms carefully before taking a loan.
Taking a joint home loan with your wife can be a wise decision. This can give you many benefits like low interest rates, tax savings, and rights on the property. If you are planning to take a home loan, contact a financial advisor. They can help you make the right choice.
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