Joint Home Loan: Are you going to take a joint home loan? So before that know its advantages and disadvantages..

Joint Home Loan Interest Rate: Everyone dreams of having their own house, are you also planning to buy your own house and are also thinking of taking a home loan, then this news can be of use to you. If for some reason your credit score is not right according to the bank, then it will be very difficult for you to get a loan. It is important to have a good credit score for a loan.

If you are not able to meet the eligibility criteria of the bank, then you have a great option of a joint home loan. You can increase your borrowing capacity through this. But it also has many advantages and disadvantages. Let us tell you about it in detail.

How to apply

You can take a joint home loan with your family members or parents, husband or wife, male child, or brothers living together. In this, the co-borrower doesn't need to be a co-owner of the property.

Benefits of joint home loan

You can take more loans from banks in joint home loans. Both people must fulfill the basic eligibility criteria of the bank. There can be many reasons for failure to get a loan. In this, poor credit score, and insufficient income can also be a major reason.

At the same time, in the joint home loan, you can get tax deduction benefits under section 24 and section 80C within the prescribed limit. You can also avail of tax benefits of Rs 1.5 lakh and Rs 2 lakh from the joint loan. Let us tell you that according to the Income Tax Act, you can get a total benefit of Rs 7 lakh.

Disadvantages of joint home loan

All financial products have some advantages and disadvantages. Similarly, joint home loan also has some disadvantages. In this, if a co-borrower fails to repay the home loan EMI on time, then the credit score of both borrowers can be affected.

If there is a dispute between the co-borrowers, then both of them may have to bear the consequences. If a borrower does not pay the EMI, both will suffer. If the loan is taken jointly by the husband and wife and later they get divorced, it can also lead to legal disputes which can take a long time to resolve.

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