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If you are planning to buy a house, you also need to take a home loan. Due to some reason, your credit score is not correct according to the bank, then it becomes difficult for you to get a loan. It is very important to have a good credit score for a loan.
If you are not able to fulfill the eligibility criteria of the bank. Then you have a great option of a Joint Home Loan. Through this, you can increase your borrowing capacity. However, it has some advantages (Joint Home Loan Benefits Or Disadvantages) and disadvantages as well.
How we can apply for Joint Home Loan
If you can take a joint home loan with your family members or parents, spouse, male child, or brothers living together. In this, the co-borrower doesn't need to be a co-owner of the property.
These are the benefits (Joint Home Loan Benefits)
In a joint home loan, you can take more loans from banks. Both people must fulfill the basic eligibility criteria of the bank.
There can be many reasons for failing to get a loan from any bank or financial institution. In this, your poor credit score, and insufficient income can be the main reason.
In a joint home loan, one can get tax deduction benefits under Section 24 and section-80C within the prescribed limit.
Joint loan takers can avail tax benefits of Rs 1.5 lakh and Rs 2 lakh.
According to the Income Tax Act, you can get a total benefit of Rs 7 lakh.
These are the disadvantages (Joint Home Loan Disadvantages)
All financial products can have some advantages and disadvantages. Similarly, there are some drawbacks to joint home loans as well.
If a co-borrower fails to pay the home loan EMI on time, the credit scores of both borrowers are affected.
If there is a dispute between the co-borrowers, both may have to suffer the consequences.
If one borrower does not pay the EMI, both will suffer.
If the loan is taken jointly by the husband and wife and later there is a divorce, there may be a legal dispute which may take a long time to resolve.
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