Benefits of A Joint Home Loan
What is a joint home loan: If it is not possible for an individual to afford and service the loan, two or more individuals jointly take a loan.
The Co-applicants: The co-applicants are family members – a husband and wife, or father and son, or father and daughter, or mother and son, or mother and daughter.
Tax Benefits: The benefits are then divided between all co-applicants and hence known as joint benefits.
Sharing arrangement: The share of each holder should be clearly mentioned so that there is absolute clarity on the ownership of each co-owner.
Joint Account: The repayment of a joint loan has to be made from a joint account. Each needs to contribute his/her share the account.