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Can I club my income with My spouse to take a personal loan?

Posted by KushiBL on April 24th, 2020

Yes, you can take a personal loan through clubbing both the earning/income. You might be earning a good income, but the bank may ask for a higher income before sanctioning a personal loan. In such cases, the best option you have is to club your income with that of your spouse, parents or siblings to get the personal loan, (Get your personal loan with buddy loan) also called as a joint loan.

Get instant personal loan which is taken by more than one person and repaid with equal financial responsibility. The co-applicants for the loan can be family members, including spouses, parents, siblings and/or offspring.

You can take a loan in joint names if you wish to avail a higher loan amount. Your chances of home loan approval is higher than loans applied for in individual capacity. The income tax exemptions are also a major highlight that comes with applying for a joint loan and the tax savings are exponentially higher than in the case of a single-name loan. Check Buddy loan for easy approval.

There are two types of tax benefits available to the borrowers upon repayment of their loan. They are:

1.Borrowers are eligible for a tax deduction of up to Rs. 2 lakh per annum on interest paid on home loan, under Sec 24.

2.Tax deduction on amount paid as Principal amount repayment is eligible for deduction under Sec 80C. A loan repayment amount of up to Rs. 1.50 lakh is considered for the deduction.

Loan Tenure:

If the borrowers or co-applicants are a married couple, the tenure of the loan can be as high as at least 20 years, restricted to the retirement age of the older applicant.

The maximum tenure of loan provided for taking joint loans with co-applicants who are parents, siblings or children, is up to 10 years.

Repayment process:

As discussed, joint loan repayment is the collective responsibility of both the borrower and the co-borrower. But, any one of them can pay the monthly home loan EMIs or they can create a joint account to enable convenient and consistent repayment. The borrowers have the sole responsibility and freedom to decide the best option which would be feasible for them.

Joint loans are definitely an option worth considering since it has several benefits when compared to a regular loan. If you are looking for a loan, it is better to plan a joint loan with your spouse. However, EMIs are to be paid as scheduled by either one of the borrowers since any delay or default in EMIs can lead to legal action against the borrower as well as co-borrower. Less EMI Interest at buddy loan check now. Apply instant personal loan online now!

Personal loans can be used for a variety of purposes such as paying off for marriage, medical expenses, renovating your house, supporting your child’s education, or even paying back an existing loan.

How can I get a personal loan? What are my personal loan requirements? How can I check my eligibility for a personal loan? The questions are unending. But the answers are often scattered across – hidden in loan pamphlets, conveyed hurriedly by loan agents or inscrutably described by the bank or financial websites. Here’s some easy information on this topic.

Determine your personal loan amount

• Take stock of your requirements. Always borrow more for incumbencies and not for unnecessary spending.

• Personal loans are pricier financial products than home loans, so borrow with caution.

• Analyze your take-home salary or yearly income vis-à-vis EMI of the personal loan.

Also See: Personal Loan, Joint Loan, Instant Personal, Home Loan, Personal, Loan, Joint

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