look news india
If you are going to buy a house and want to take a home loan but are facing any kind of problem regarding the loan, then the option of joint home loan can solve your problem. There are many advantages of joint loan. If you take this joint loan with a wife, sister, mother etc. then it is also available at a lower interest rate.
Loan is easily available
Many times people find it difficult to get a loan due to poor credit score, low income and other types of debt-income ratio. Meanwhile, joint home loan is helpful. In which adding another person as an applicant increases the eligibility to take the loan. If the paying capacity of the other person involved in the joint loan is good then the loan is easily available.
Loan amount limit may increase
Many times people find it difficult to get a loan due to poor credit score, low income and other types of loan to income ratio. Meanwhile, joint home loan is helpful. In which adding another person as an applicant increases the eligibility to take the loan. If the paying capacity of the other person involved in the joint loan is good then the loan is easily available.
Loan is given to a single loan applicant based on their income but in joint loan the total income of both can be seen. Meanwhile the loan amount limit increases but ensure that the debt income ratio of you and your co-applicant does not exceed 50 to 60 percent.
Benefits for female co-applicants
If you take a joint home loan with a female co-applicant, you get the loan at a slightly lower interest rate. Many lenders have different home loan interest rates for female co-applicants. These rates are typically about 0.05 percent (5 basis points) lower than the rate, but women must own the property singly or jointly to take advantage of it.
income tax benefits
Income tax benefits are also available in joint loan. By applying for a joint home loan, both the borrowers can avail separate income tax benefits but this benefit will be available only if both the applicants are also property owners.
