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The benefits are available under Section 24 for interest paid and under Section 80C for the principal repayment, subject to certain conditions. Couples usually opt for a joint home loan, as this can enhance their home loan eligibility. However, there is considerable confusion, about who can claim the home loan benefit and how much tax benefit one can claim, with respect to joint home loans.
Easy refinancing benefits
What are the eligibility criteria for SBI's balance transfer of home loan or top-up loan? The eligibility criteria for SBI’s balance transfer of home loans or top-up loans are the same as that of regular loans – the applicant should be an Indian citizen/NRI and be between 18 and 70 years of age. Even though you have a low credit score make sure you co-borrower has decent monthly income and good credit history. This would enhance your chances of getting the loan sanctioned. What most people are not aware of is that individual applicants can avail of these tax reductions. Hence if one applicant benefits from a tax reduction of Rs. 3.5 lakhs, then both the applicants can enjoy a relaxation of Rs. 7 lakhs.
However, it often happens that the home you fall in love with falls out of your budget. Buying a home is a once-in-a-lifetime opportunity and going a little over the budget is natural. Banks evaluate your eligibility, creditworthiness, and income to decide your loan amount.
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Tax benefit on loan for an under-construction property is not applicable if you repay the principal amount during the pre-construction period or if the loan is taken to buy the plot. • The exemption under this section is valid only if the construction of the property is completed within 5 years from the application of the loan. Else there will be a reduction of only Rs.30,000 on the payable interest rate.
You can also use the Loan EMI Calculatorto know the cost of borrowing before you avail funds and to plan your loan efficiently. You can also use the home loan eligibility calculatorto check your loan eligibility online easily. HDFC LTD did not return my call though I had asked them to call me back. I had purchased a land and I am planning to construct a property shortly. Each co-applicant has to fill in a separate application form and provide individual documents for the same loan.
ii. Commitment Fee:
The borrowers have the sole responsibility and freedom to decide the best option which would be feasible for them. The maximum tenure of loan provided for taking joint home loans with co-applicants who are parents, siblings or children, is up to 10 years. Naturally you will end up taking a huge loan to buy your dream house. You may have savings to invest in the house – but it is unlikely that you’d have anything more than half of the property’s price. But what would you do if the bank rejects your loan application claiming that your current salary is insufficient? This is where you should be thinking of taking a joint home loan.
It is important to keep in mind that being a co-applicant is more than just a formality. Legal and financial duties are also imposed on both parties, which they must fully comprehend. In the best interest of all parties involved, the contribution of each party to the transaction should be clearly defined.
The co-borrower could be salaried or self-employed, engaged in business or a profession. If you decide to make your homemaker mother the joint applicant, then neither of the above uses will be available to you. The repayment of EMI for a joint loan has to be made from a joint account owned by the co-applicants.
I had received the copy of tittle deeds and legal documents to my email id on time. Joint owners can also claim stamp duty and registration charges of a property. To get the benefit of higher loan amounts and tax breaks, your co-applicant needs to be an earner too.
The responsibility of repayment of the loan lies on both the borrower and the co-borrower. The monthly EMI payment can be made by either one of the two borrowers at a time or both of them can pay through a joint account. The borrowers have the freedom to choose the best option for repayment. While applying for a joint home loan, one must make sure that the said person will take the responsibility upon himself/herself to repay the debt along with you. A family member, spouse, close friends, and any trustworthy souls are highly preferable.
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Magicbricks is a full stack service provider for all real estate needs, with 15+ services including home loans, pay rent, packers and movers, legal assistance, property valuation, and expert advice. As the largest platform for buyers and sellers of property to connect in a transparent manner, Magicbricks has an active base of over 15 lakh property listings. According to Section 80C and Section 24, the borrowers can claim tax exemptions up to Rs 3.5 lakhs on principle payment and interest rate.
One cannot avail of a joint home loan with any random person. Close friends and family members who could be trusted shall be allowed to apply for this loan. Succession and other legal issues are reduced if couples are joint owners of the property.
Swift disbursal time
So, if your share in the joint property is certain or ascertainable, you cannot be taxed as a Body of Individual or Association of persons . Concluding the above, joint home loans are definitely beneficial as compared to normal home loans. In case you are looking for a home loan and you can speak to your blood relatives to get a joint home loan. If one of you fail to contribute towards the EMI payment, the other will be liable towards payment. In case of delay or default in EMIs, legal action will be taken against the borrower as well as co-borrower. I am very much impressed with the general service provided by PNB for the housing loan.
• A tax deduction of Rs.2 lakh can be procured on the interest rate. • This includes stamp duty and registration as well but can be claimed only once. These are the other charges which are made during the application of the loan for documentation, stamp duty, and consultant charges. Use the online account management facility to track important loan details and manage EMIs at any time.
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