Home Loan is all that is needed. In such a situation, everyone wants to know where and what is the home loan, which is getting more and more benefits. A combined home loan is one way to get a lucrative home loan, it offers more income tax deductions and more loans.
This is the advantage of a joint home loan
There are many banks that offer low interest rate loans to women co-applicants in a joint home loan. Women get loans at 0.05 per cent below normal interest rates. Also, the benefit of tax exemption from a joint home loan is also beneficial as both the applicants get tax exemption. The bank gives the loan after seeing the income of both the applicants, so the loan is also seen more than the applicant.
When applying for a joint loan, keep in mind that the debt and income ratio of both the applicants should not exceed 50 to 60 percent. Otherwise, the loan application may be denied in such a situation. So, in order to get the tax benefit of both the applicants, it is necessary that they are also the owners of both the houses, just being a co-applicant will not make it work.
Ease of getting a loan
If banks are unable to lend due to lack of proper credit score, the good credit score of the other applicant immediately changes the opinion of the bank. Not only does the bank agree to lend quickly, but the process of getting a loan also becomes easier.
These people can take a joint loan
If two members of the family earn and the property you bought is in the name of mother-son, mother-daughter, father-son, father-daughter or wife-husband, then you can open a joint loan account. But remember that most banks do not offer joint home loans to siblings.