Joint Home Loan: There is a big advantage of taking a joint home loan with wife to buy a house, you can save lakhs of rupees in this way..

If you are thinking of buying a house, then it is wise to apply for a joint home loan with your wife. This can save you lakhs of rupees. By taking a joint home loan with your wife, you get many benefits like a PMAY subsidy and savings in stamp duty. In this news today, we are going to tell you 5 such big benefits that you can get from a joint home loan.

These are the 5 big benefits of taking a joint loan with your wife-

Eligibility for higher loan amount-
You can take a loan of a larger amount on a joint home loan with your wife. If your wife is working, then the bank will easily give the loan. This will make it easier to buy a better and more expensive house.

Double tax exemption-
In a joint home loan, you and your wife can avail of a deduction of ₹ 1.5 lakh (Section 80C) and ₹ 2 lakh (Section 24b) separately. That is, you can take a total tax exemption of up to ₹ 7 lakh.

Discount in interest rate-

Many banks give discounts of up to 0.05% in interest rates on taking a joint home loan with a wife. In this way, you will save lakhs of rupees in the entire loan period.

PMAY subsidy-

Under Pradhan Mantri Awas Yojana, a subsidy of up to ₹ 2.5 lakh is available only if the woman is the co-owner. You can avail this benefit by taking a home loan with your wife. This is valid only for first-time home buyers.

Discount in stamp duty (on female joint owner)-

In states like Delhi, Maharashtra, and Himachal, women get stamp duty discounts of 1%–2%

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