As a married couple if you want to start life fresh and plan to buy a new house you can opt for a home loan. Also instead of choosing an individual loan, you can apply for a joint loan as you can enjoy double benefits.
Affordability: home loan eligibility becomes higher as both husband and wife together apply for a joint home loan. The burden of the principal and the interest amount will reduce along with the pressure to repay the loan.
Stamp duty benefits for women: in most cities of India, stamp duty relaxation is offered for women buyers. Apart from selected cities, in all other cities, the stamp duty rate is less for women.
Taxation benefits: the joint home loan offers numerous benefits to the users. Under section 80C of the income tax act, couples can claim a tax deduction of up to 1.50 lakh on the principal amount. Under Section 24 of the Income Tax Act, the borrowers can claim tax deduction up to a limit of INR 2 lakh on the interest repayment towards the home loan.
If you want to start a family and move ahead then the joint home loan can be your best bet. It offers a lot of discounts and at the same time doesn’t have the same pressure as a personal home loan.
