Pros and cons of taking a joint home loan with a sibling
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Last Updated: Jun 07, 2021, 06:30 AM IST
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As the name implies, a joint home loan is a loan that you take with another person, usually a spouse or a sibling. Chances of getting a home loan at attractive interest rates are much higher in a joint home loan compared to the regular one.
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As per the income tax regulations, a joint home loan will allow both the co-borrowers to claim tax benefits under Section 80C.
Priya has realised that buying a house isn’t easy in a metro like Delhi, where she has been working with a famous design house for the past seven years. She hails from a small town and has always dreamt of having a house of her own in the city, not too far away from her workplace.
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Wednesday, April 21, 2021 10:31AM IST (5:01AM GMT)
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Updated Jan 14, 2021 | 06:17 IST
Taking a joint home loan comes with its own benefits and perks. For instance, if you make your wife the primary applicant in the home loan you could get the loan at a lower interest rate Applying for a home loan? Check out the benefits of taking a joint loan | Photo Credit: BCCL
New Delhi: For many aspiring homebuyers, the current low-interest-rate scenario could be an ideal time to avail of a Home Loan. Home loans are secured and convenient loans as one can repay the loan over a period of time, through the EMI option. Most of the banks have made it mandatory to have a co-applicant while applying for a home loan. While it is not necessary for a co-applicant to be a co-owner, some banks insist on the co-owner being a co-applicant. A co-owner has a share in the property, while a co-applicant is only responsible for repaying the loan in case the primary applicant fails to service the loan. However, to avail of tax