Benefits of Joint Housing loan
By Natraj Muthukrishnan at 29 October, 2009, 5:57 pm
The below are the benefits one is bound to get from a joint loan. The most significant benefit is increased eligibility. The total income is calculated based on all sources of income of both the applicants. So, if your spouse is working, you are in for more amount. It is known that in case of a housing loan, the tax rebate for principal is a maximum of 1 L and a 1.5 L for the interest paid. In case of joint loan, these benefits are given simultaneously to all the parties involved, hence for a couple the benefit doubles! In case they chose to share the repayment of interest and principle, the benefits they receive is directly proportional to the share each contribute towards ….
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