5 major benefits of a joint home loan.

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5 major benefits of a joint home loan.
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Going in for a Home Loan with a co-applicant is
always a good idea. Not only does the EMI get
split between two people but it also invites 5
major advantages. This article will discuss
these benefits and help you make an informed
decision.
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1. Easy Approvals
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When you opt for a co-applicant to join you in
your home loan journey, the application process
becomes easier and much quicker. This is
because the loan will be paid-off with the income
of two people, which drastically reduces the
chances defaulting. Seeing this, the insurance
company is more than ready to approve your loan
in a speedy manner.
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2. Better loan amount eligibility
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The more the monthly income, the higher the loan
amount you can avail with your home loan. If
your loan amount eligibility is around 25 lakh,
with a co-borrower you can get amounts in the
range of 50 lakh and even higher if their salary
is higher than yours.
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3. Credit scores dont matter so much
If you have a not-so-good credit score, then
going in for a joint home loan is a good option,
especially if you co-applicant has a Good Credit
Score.
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4. Lowered interest rates
Taking the home loan dive with a co-applicant
could mean Lowered Interest Rates. And a lowered
interest rate could mean loads of saving over the
tenure of your home loan.
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5. Double the tax benefits
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When you opt for a home loan with a co-applicant,
the tax benefits are applicable for both you and
your co-borrower. In a way, this doubles the
amount you can save through taxes. If the tax
benefits of a home loan are 3.5 lakh against
principal repayment interest paid for a single
individual, with a co-applicant you can save up
to 7 lakh annually.
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With so many benefits, you should definitely go
in for a joint home loan. It will get you a loan
easily, quickly help you save loads of money
over the entire tenure of your home loan.
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