As per surveys, it has been observed that about 70% of home-buyers end up buying a property which costs them 20% higher than they had actually estimated.
To avoid such discrepancies in evaluated expenses and actual expenditure, individuals must look for ways to maximize benefits from a joint home loan.
How to boost returns from a joint home loan?
If you are looking to avail a larger sum, a joint housing loan could be a promising alternative as it is likely to offer higher amounts. Also, you can keep the following points in mind to maximize benefits from the loan -
Availing tax benefits on home loans jointly
In case a home loan is availed jointly by two borrowers, both the beneficiaries can enjoy tax benefits. Under Section 24(b) and Section 80C, both the applicants are eligible to claim tax deductions against repaid interest and principal amount.
Joint applicants can mutually work on ownership shares to avail better terms on the home loan.
Additional Read: Maximize Your Home Loan Benefits with a Co-Applicant
Repayment process of the principal amount
Sharing the burden of repaying the joint home loan is a great advantage of this loan type. Payments can be made either from a single or a joint account through ECS or post-dated cheques.
Availing a home loan that offers flexible repayment options helps you make most from the advance.
You can fund your budget to buy a new house efficiently in coherence with your parent, sibling, spouse or child. It not only helps you draw a higher loan amount but also provides you ways to make most out of it.
Also Read: Is a Joint Home Loan in India Worth Opting?
