Advantages Of A Joint HomeLoan
Buying a home can mark the beginning of a new chapter in your life, but it is at the same time a significant financial decision. The upside is that a good home loan can reduce the financial burden to a great extent.
In this context, there are many advantages of taking a joint home loan. Here are some of them:
1. Your eligibility for the loan increases:
If your co-applicant has an independent source of income, your ability to repay the loan successfully goes up, thereby increasing your eligibility.
2. Your co-applicant need not be a co-owner:
This can be one of the greatest advantages of taking a joint home loan, offering you immense flexibility without compromising on your ownership.
3. You can invest in a bigger home:
With the support of a home loan co-applicant, your bandwidth to invest in a bigger home increases significantly.
4. You don’t need to compromise on the location:
Location is one of the first things that homeowners compromise on in order to be eligible for a good loan. With a joint loan, you don’t need to do that.
5. You can reap significant tax benefits:
There are significant tax exemptions and other benefits that you can avail of upon applying for a joint home loan.
6. Women co-applicants can avail special interest rates:
Women co-applicants are typically offered special discounted interest rates on these home loans.
7. The repayment process is a shared one:
One of the biggest advantages of a joint home loan is that the re-payment process is a shared, simpler and faster one.
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