Home Loan: How correct it is to take a joint home loan, know what are its benefits

It is everyone's dream to have their own home. Everyone works hard at their level to make this dream a reality. Residential real estate prices are increasing rapidly every day due to which owning a home is becoming costlier.
In such a situation, it is almost impossible to pay the full cost of the house unless one already has a lot of savings. For a person with a moderate income, the only option is to take a home loan and pay it off over the years.
Applying for a home loan has its own set of rules and requirements. Today, we will tell you here what are the benefits of a joint home loan instead of a single home loan.
As the name suggests, it is a loan taken jointly with another person, usually a spouse or parent. Now know what are the benefits of taking a joint home loan.
When two people apply for a home loan together, their combined income is used to calculate the loan amount. This allows for a higher loan amount to be sanctioned, which can be helpful if you are looking to buy a more expensive home.
Lenders always check your credit score before deciding your eligibility in terms of loan amount, tenure, and interest rate. Getting a loan is easy if you have a strong credit history with timely payments.
However, if your credit history is not very strong, a co-applicant can be added to the loan proposal to give the bank additional flexibility regarding the loan proposal and instead of a single person taking the risk, two people will be involved in repaying the loan.
Some banks offer lower interest rates on joint home loans. This is because they are considered to be a low-risk loan, as there are two borrowers who are responsible for repaying the loan.
As per income tax rules, a joint home loan allows both borrowers to claim tax benefits under section 80C as well as section 24.