This home loan option will reduce your debt burden, you will get many benefits including tax

Home Loan Tips: Everyone wants to own a home, easy and fast home loans are available today to fulfill this dream. But it faces many challenges like high interest rates and income limit. In such a time, you can choose the joint home loan option, which has many benefits.

In joint home loan option, since two people take the loan together, the CIBIL score and income of both gets benefited, tax exemption is also available. If there is a woman in this, she gets many types of concessions. Blood relatives or husband and wife together can also avail this option.

Benefits of Joint Home Loan

Sanctioned loan amount will increase:

Banks look at the income of the applicant while giving loan. In joint home loan, since two people take the loan together, the loan amount is approved by comparing the income of both. This increases the loan amount.

tax benefit:

Under Section 80C of Income Tax on Home Loan on principal amount of Rs. A discount of up to Rs 1.50 lakh can be availed. Also under section 24(B) Rs. You can claim tax on home loan interest up to Rs 2 lakh. Thus, the home loan holder can avail a maximum of Rs. Can take advantage of. Tax exemption up to Rs 3.50 lakh can be availed. If a joint home loan is taken then both the persons have a total of Rs. Income tax exemption up to Rs 7 lakh can be availed.

Lower EMI rates for women:

Many banks give additional discount on home loan interest to women. Women can avail interest concession in joint home loan. In such a situation, the burden of home loan also reduces. And EMI gets reduced.

Reduction in stamp duty:

In many states, women get special exemption in stamp duty. Stamp duty for women is also fixed in many states. You get this benefit while taking a home loan. In joint home loan, the EMI of the house can be deposited equally from both. If the partner wishes, he can also open a joint account. In which you can deposit the amount and pay the EMI. Details of this account will have to be given while filing income tax.

Benefits even in bad credit score:

In a joint home loan, the CIBIL score of both the persons is checked, if the CIBIL score of one of them is bad or weak then the home loan can be approved on the strong CIBIL score of the other.

It is noteworthy that banks have the right to approve home loans. Many times, poor CIBIL score and defaulting in EMI payments for a long time reduce the chances of getting a home loan.