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Home Loan: What is joint home loan, how can apply, know what are the advantages and disadvantages

Joint Home Loan Interest Rate: If you are planning to buy a house, and you also need to take a home loan. Due to some reason your credit score is not correct according to the bank, then it becomes difficult to get your loan. It is very important to have a good credit score for the loan. If you are not able to fulfill the eligibility criteria of the bank. Then you have a great option of a joint home loan. Through this you can increase your borrowing capacity. However it also has some advantages and disadvantages.

You can apply like this
If you can take a Joint Home Loan with your family members or parents, spouse, male children or brothers living together. It is not mandatory for the co-borrower to be a co-owner in the property.

this is the advantage

  • In joint home loan, you can take more loan from banks. It is important that both the people fulfill the basic eligibility criteria of the bank.
  • There can be many reasons for failing to take loan from any bank or financial institution. In this you can have a bad credit score, insufficient income as the main reason.
  • One can avail tax deduction benefits under section-24 and section-80C within the prescribed limit in joint home loan.
  • Joint loan borrowers can avail tax benefits of Rs 1.5 lakh and Rs 2 lakh.
  • According to the Income Tax Act, you can get a total benefit of Rs 7 lakh.

this is the loss

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  • All financial products may have some advantages and disadvantages. Similarly, there are some drawbacks in joint home loan as well.
  • If one co-brother fails to repay the home loan EMIs on time, the credit scores of both the borrowers get affected.
  • If there is any dispute between the co-borrowers, then both of them may have to bear the consequences.
  • If one borrower defaults on the EMI, both will suffer.
  • If the loan is taken by the husband and wife together. If there is a divorce after this, then there may be a legal dispute which may take a long time to resolve.

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