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Update Date : 31-Dec-2022

Created Date : 31-Dec-2022

Category : Home Loan E-Book (Promotional_New)

Benefits of buying a house jointly with your spouse

“Alone we can do so little, together we can do so much.” – Helen Keller.

This quote often reminds us that it is so much better when you share responsibilities or duties with somebody you trust and love.

In the same manner, when you apply for a loan with your spouse, not only do you jointly share the joy and hardships of the burden with each other but you can also avail many benefits together.

Today we will tell you about 3 core benefits that you can enjoy by buying a house jointly with your spouse:

1) Discount on interest rate – Banks and financial institutions offer a marginal concession on their home loan rates if the house is owned or co-owned by a woman.

Adding a woman as a co-owner in the property can help you save a marginal interest that ranges from 5 to 10 bps p.a.

2) Lower financial burden – Adding your spouse’s income to the loan will not only boost your loan eligibility but will also help you ease your financial burden as joint ownership makes all applicants equally responsible for servicing the loan EMIs.

3) Leveraging full tax benefits – You can avail a tax rebate of upto ₹2,00,000/- p.a. on the interest that you pay on your home loan.

Any interest that you pay beyond that limit is lost and does not offer any benefit in return.

Hence, if the property ownership and the responsibility of paying the EMIs are held jointly with your spouse, both applicants can individually claim tax benefits and make the most of this facility.