Joint Home Loan: How to apply, what are the benefits, know everything


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Joint Home Loan : If you are planning to buy a house, then the home loan that you have. There is a need to take it. If for some reason your credit score is not good, then it becomes very difficult for you to get a loan. For this reason, if you want to take a loan, then your credit score should be better. If you are the eligibility criteria of the bank. If you are not able to fulfill it, then joint home loan can prove to be a great option for you. Through this you are the ability to borrow. If it can be increased, then let’s know all the details about it.

Joint Home Loan: How to apply, what are the benefits

Applications can be made like this

You can take a joint home loan with any member of your family. Like- parents, husband or wife, brothers. It is not necessary to have co-owners in the property.

Joint Home Loan: How to apply, what are the benefits

Benefits of joint home loan

If you take a joint home loan, then you can take more loans from banks. But these are very important. That is the basic eligibility criteria of both the individual banks. Fulfill it. There can be many reasons for the failure of taking a loan from a bank or any financial institution. One of the reasons for this can be a bad credit score. There are tax deductions under section-24 and section-80C within the prescribed limit of joint home loan. Its benefits can also be achieved. In joint loan, you can get tax benefit of 1.5 to 2 lakh rupees and as per Income Tax Act, you can get total benefit of 7 lakh rupees.

Joint Home Loan: How To Apply, What Are The Benefits

Disadvantages of Joint Home Loan

Almost all which are financial products. Everyone has both advantages and disadvantages. In the same way, joint home loans also have advantages and disadvantages. If we talk about its disadvantages, then if the co-borrower does not pay the EMI of the loan on time, then because of that the credit score of the other will also be affected. who are They get spoiled. Along with this, if there is any dispute between the co-borrowers. The effect of this also falls on the payment.

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english summary

Joint Home Loan How to apply what are the benefits know everything

If you are planning to buy a house, then the home loan that you have. There is a need to take it. If for some reason your credit score is not good, then it becomes very difficult for you to get a loan.

Story first published: Sunday, November 13, 2022, 12:30 [IST]





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