More loan, less interest and huge tax exemption, know all the benefits of taking joint home loan with wife

New Delhi: Having your own home is everyone's dream. But, for many people it is difficult to arrange the lump sum money to buy a house. In such a situation, people take help of home loan to buy or build a house.

If you are facing any problem in taking home loan then you can take joint home loan. It is more easily available than a normal home loan and the loan amount is also higher.

Let us know how joint home loan can be taken and what are its benefits.

Who can you get a joint with?

There are no special restrictions in joint loans. You can take it with anyone. However, being a female joint applicant comes with several distinct benefits. If you are a woman, you may share a house with your husband. Apart from this, men can also make their wife or sister, who is unmarried, an applicant.

If your wife is also a professional, then making her a co-owner increases the benefits of home loan in many ways.

Benefit of tax exemption on joint loan

If you apply for a joint home loan with your wife, both can claim income tax benefits under Section 80C. On prepayment of both, a separate tax benefit of Rs 2 lakh is available on interest. A maximum tax exemption of Rs 1.5 lakh can be availed on the principal amount in a year.

Home loan available at low interest

Many banks and NBFCs offer concessional interest rates to women buyers on joint home loans. These rates are usually as low as 0.05 percent. If the name is of a woman then there is some concession in stamp duty and registration fees. But, to avail all these benefits, the woman must be a co-owner of the property.

Additional discount on first home purchase

If you are buying a house for the first time, an additional rebate of Rs 50,000 is available on home loan interest. However, the condition for this is that the loan amount should not exceed Rs 35 lakh and the value of the property should not exceed Rs 50 lakh.

The stamp duty value should also be Rs 45 lakh or less to avail additional rebate of Rs 1.5 lakh on interest payment.

No one will be burdened with EMI

On taking a joint home loan, the bank accounts of both the applicants will be linked. In such a situation, the chances of losing EMI will be less. But, both of them have to decide that there should be enough money in one of the bank accounts to pay the installment before the EMI deduction date.