From purchase to construction of a house, a house loan is often the only viable option for many individuals. For such individuals who must avail a loan to finance their house, schemes like a joint home loan are exceedingly helpful. These joint home loan schemes have numerous features which ease the financial burden in its repayment, the most fundamental being that of split EMI between two co-borrowers.
While going for such a loan scheme, co-borrowers must avail a complete guide to the benefits of availing a joint home loan husband wife. Here are these crucial features which you can easily make the best of.
- High financing: Typically financial institutions offer very high sum as the loan amounts of up to Rs. 3.5 Crore. Joint home loan applications can sanction a higher loan amount.
- Easy repayment with flexible tenors: The repayment tenor is usually adequately lengthy at 20 years. This further reduces the regular EMI repayment amounts for both the partners.
- Low rates of interest: Home loan interest rate for any joint loan applications are more affordable than others.
- Balance transfer options: This feature allows customers to transfer their existing loan balance to a different NBFC to avail better rates of interest as well as additional features.
- Top-up loans: Top-up loans are advances offered over and above an existing home loan and clubbed together with the running EMIs for repayment. Some financial institutions offer high loan amounts of up to Rs. 50 Lakh as an additional top-up loan amount on the already availed scheme.
- Foreclosure and prepayment options: Options of paying a lump sum amount to either foreclose a loan or at least to clear a major chunk of the repayment a single go is a very convenient feature for customers to reduce their total liable interest.
- Tax benefits: There are numerous tax benefits on joint home loan schemes for their applicants. Under both Sections 80C and 24(b) of the Income Tax Act, these benefits offer tax returns as an exemption of income tax. Borrowers should know the tax benefits on joint home loan schemes in detail before putting pen to paper.
Apart from the above features, NBFCs like Bajaj Finserv also ensure fast loan approvals followed by quick disbursal of money and online management of the account. They also offer Home Loans against minimal document requirements, making the application process more convenient for the applicants.
With multiple benefits available under these joint schemes for housing loans, all co-borrowers need to do check the home loan eligibility calculator of the respective lender.
They can even choose to split the EMIs and distribute the financial burden to make repayment easier. In case of these loans, the borrowers can easily calculate the EMIs they have to pay with an online EMI calculator.
Applicants who are eligible as home loan co-borrowers
- Parents: Applicants can choose to apply for joint loan schemes for home with parents. However, it cannot be both the parents and must be either of them.
- Spouse: Especially convenient for couples where both partners are working, this ensures less of financial burden on either.
- Siblings: Any individual can partner with their brother or sister who co-owns the house and applies for such loans.
- Son: Sons who have primary ownership especially in case of multiple heirs can be co-applicants.
- Daughter: Unmarried daughters who have primary ownership can be co-borrowers as well.
Applicants aiming to build or purchase their house with finance options have numerous individuals as options to partner with in order to avail a joint home loan scheme. Also note that to apply jointly, both you and your co-applicant need to be owners of the property to be mortgaged for the loan.
Make sure to consider all such pointers before applying for a home loan. Refer to leading lenders for the most repayment-friendly terms and features.