what are benefits of joint home loan:- what precautions important?

 Home Loan: What are the benefits of taking a home loan in a joint, what precautions are important to consider.

Joint Home Loan: Not only are there advantages of applying for a home loan, but it is also important to keep some things in mind.  Otherwise you may have to bear the loss.

  

   future marketing vayda bazaar know more

Who does not dream of his home.  Many people fulfill this dream with the help of Home Loan.  Home loan is not necessarily taken alone.  Some people also take home loans in joint, such as husband-wife, brother, friend etc.  There are benefits of taking a home loan in a joint, as well as some things are also important to keep in mind.  Otherwise you may have to bear the loss.  Let's know about the benefits of joint home loan and some precautions-
Many times it is difficult to get approval for home loan application taken on a single basis.  Actually, before giving a loan, banks look at the credit score of the person applying, the income and the source of income, etc.  According to the loan amount, banks may refuse to give loans due to lack of salary or weak credit score.  Eligibility for a loan can be improved by adding another person as an applicant.  If the co-applicant has a strong credit score and has a good ability to pay, then the expectations of getting a loan increase.  It also helps in increasing the loan amount.Co-owner and co-owner are two different things.
Being a co-applicant for a home loan and being a co-owner / co-owner for a property are two different things.  Being a co-owner in a property means having a stake in the ownership of the property.  At the same time, the co-applicant is limited to home loans only.  It is not necessary that the co-applicant of the home loan is also a co-owner in the property.

 

understand basics-of swing trading

More tax benefit:-

For how a joint home loan can provide more tax benefit, it is necessary to first know what are the rules for tax benefit on home loan.  In fact, under Section 80C of the Income Tax Act 1961, there is a provision of maximum tax deduction of up to Rs 1.5 lakh per annum on Principal Amount of Home Loan.  Under section 24 of the Income Tax Act, 1961, a tax deduction of up to Rs 2 lakh can be claimed on the interest of home loan.  Apart from this, from April 2019 to March 2022, first time home-buyers can claim additional tax deduction of up to Rs 1.5 lakh on home loan interest under section 80EEA of the Income Tax Act, but certain conditions are applicable.
In case of joint home loan, if the co-applicant is also the co-owner, co-owner / co-owner of the property to be purchased or constructed, then the two applicants applying for the home loan should separately take an income tax benefit.  Can.  If the co-applicant is not the co-owner of the property, both cannot claim separate tax benefits.

  Disadvantages of intraday trading.

Low interest rate for women co-applicant:-

Many lenders keep the home loan interest rate low for women home loan buyers.  This rate is about 0.05 per cent (5 basis points) less than the regular home loan rate.  If the woman is a co-applicant in a home loan, then to take advantage of the low interest rate, it is necessary for the woman to be the first applicant in a joint home loan.  Or the woman should own the property herself or jointly.

 

Consider these precautions too:-

-If your co-applicant's credit score is weak, then your application can be rejected.
- Lenders approve joint home loan application only when the ability to pay both primary and co-applicant is right.
- In some cases, the lenders can give you a loan at a higher rate of interest rather than rejecting your application directly.
- Your debt and income ratio of your co-applicant should not be more than 50 to 60 percent.
Money doubled in 124 months, guarantee of this government scheme