Updated Jan 14, 2021 | 06:17 IST
Taking a joint home loan comes with its own benefits and perks. For instance, if you make your wife the primary applicant in the home loan you could get the loan at a lower interest rate
Applying for a home loan? Check out the benefits of taking a joint loan | Photo Credit: BCCL
New Delhi: For many aspiring homebuyers, the current low-interest-rate scenario could be an ideal time to avail of a Home Loan. Home loans are secured and convenient loans as one can repay the loan over a period of time, through the EMI option. Most of the banks have made it mandatory to have a co-applicant while applying for a home loan. While it is not necessary for a co-applicant to be a co-owner, some banks insist on the co-owner being a co-applicant. A co-owner has a share in the property, while a co-applicant is only responsible for repaying the loan in case the primary applicant fails to service the loan. However, to avail of tax benefits on a home loan, both the co-applicants need to be co-owners as well.