Both of You Are Working? Get a Joint Home Loan

Posted by David miller on November 30th, 2017

Buying a home for your family is one of the most important tasks; in this venture your working partner can play a vital role. Purchasing a home in this sky-rocketing property prices, is not an easy task. With the increasing inflation, one cannot wait for the future savings to get matured, because during that time the prices would have reached to another height.

The best option is to get a home loan, when the interest rates are lowest in the loan history. Having a working co-applicant not only reinforces your application, it also increases your eligibility for getting the housing loan.

Your immediate family member can be the co-applicant, whether your father or your spouse. If you have your wife, who’s working as a co-applicant then you can enjoy added benefit of getting lower interest rates.

As investing in a home is a lifetime investment, so we all want to buy the best one available within our limits. You’re working co-applicant widens the scope. The credit and income of your working co-applicant would be considered for the loan appraisal.

Key Benefits of Getting a Joint Home Loan Are as Follows:

• When you have a joint application, then the income of your co-applicant and your income are considered to be a single unit. Increase in income increases the loan eligibility, which widens the scope of better home. It would have not been possible in case the earning of a single applicant was considered.

• In case both the applicant & co-applicant are participating in the home loan repayment, both of them can enjoy tax benefit separately.

• If the co-applicant is a women working member, be it your mother or spouse; then the applicant can enjoy the additional benefit of lower interest rates. Lenders in the market offer almost .05% concessions on the interest rates to the women applicants.

The above mentioned benefits can be enjoyed, if the applicants opt for a joint housing loan, where both the applicants contribute in repayments of the loan taken together. They can repay the EMI individually for the same loan or can maintain a joint account in paying off the housing loan.

Proper documents required for taking the home loans are to be submitted by both the applicants. They have to submit their identity, address & income proof along with the property documents to avail the loan for purchasing the home smoothly, quickly and easily.

Applying for a joint loan not only widens the scope of purchasing a better home, but it also helps to bring down the overall cost of the home by increasing tax benefit and lowering the interest rate in case of the women applicant. The sharing of repayment brings down the burden of the debt.

The financers are making the debt tenure easy and hassle-free with flexible repayment options. The longer tenures, lower interest rates are making the EMIs pocket friendly for the borrowers, widening the scope of owning their own home easily.