Joint Home Loan: Your wife can reduce the burden of EMI and save tax up to Rs 7 lakh. Know how...

If you are going to apply for a home loan, this news can be useful for you. While applying for a home loan, include your wife in it as well. You get many benefits of taking a joint home loan with your wife. By taking a joint loan with your wife, you get a home loan at a lower interest rate. This also affects your EMI. Along with this, you can also save a lot of income tax, that is, you can directly take double the benefit. Know the benefits of taking a joint home loan with your wife.

Cheap home loan

If you take a joint home loan with a female co-applicant (mother, wife, or sister), then you get the loan at a slightly lower interest rate. If the loan is cheap, then it will also affect your EMI and it will also be reduced a little. Usually, lenders offer a different interest rate for home loans for female co-applicants. This rate is approximately 0.05 percent (5 basis points) lower than the male rate. However, to avail of this benefit, the woman should be the owner of the property either alone or jointly.

You can save up to Rs 7 lakh in tax

Joint home loans also offer income tax benefits. On applying for a joint home loan, both borrowers can avail of separate income tax benefits. But this benefit will be available only when both the applicants are also property owners. If you take a joint home loan with your wife, you will get double the tax benefit. Both of you can claim Rs 1.5 lakh each on the principal amount, i.e. a total of Rs 3 lakh under 80C. At the same time, both can avail of tax benefits of Rs 2 lakh each on the interest under section 24. In this way, you can get tax benefits up to Rs 7 lakh in total. However, this will also depend on the amount of your home loan.

The loan is easily available
Many times people face difficulty in getting a loan due to poor credit scores, low income, and/or an imbalance in the ratio of other types of loans and income. In such a situation, a joint home loan is helpful. In this, the eligibility for taking a loan increases by adding another person as an applicant. If the other person involved in the joint loan has a good repayment capacity, then the loan is easily available. However, this rule applies to any kind of joint loan, whether the joint home loan is taken with a female applicant or a male applicant.

The loan amount limit increases
A single loan applicant is given a loan according to his income. But in a joint loan, the total income of both is considered. In such a case, the loan amount limit increases. But keep in mind that the debt to income ratio of you and your co-applicant should not be more than 50 to 60 percent.

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