If you are going to buy a house, then instead of buying it in your name, buy it together with your wife. Make her a co-owner in it too. This will give you many benefits in all the works, from loans to income tax. Also, you will save lakhs of rupees. Know about this here.

Exemption in stamp duty
The central and state governments are also encouraging homeownership for women. This is the reason why relief has been given in the case of women, from loans to stamp duty fees. In many states, stamp duty fee is exempted from registering property in the name of women. This includes many states like Delhi and UP.

Loan limit increases
A single loan applicant is given a loan according to his income. But if your wife is working and you apply for a joint loan with her, then the total income of both is looked at. In such a situation, the limit of the loan amount increases. Even if you take a joint home loan with someone other than your wife, you can still get the benefit of the increased limit. But keep in mind that the debt-to-income ratio of you and your co-applicant should not be more than 50 to 60 percent.

Home loans is cheaper

If you make your wife a co-applicant in a joint home loan, you will get a slightly cheaper loan. If the loan is cheaper, it will also affect your EMI. Usually, lenders give a different interest rate for home loans for any female co-applicant. This rate is about 0.05 percent (5 basis points) lower than the standard rate. However, to take advantage of this, the woman should be the owner of the property either alone or jointly.

You can save income tax up to Rs 7 lakh.
If you take a joint home loan with your wife, you will get double the benefit in tax. In fact, on applying for a joint home loan, both the persons taking the loan can avail of different income tax benefits. But this benefit will be available only when both the applicants are also the owners of the property. In this, both the husband and wife can claim Rs 1.5 lakh each on the principal amount, i.e. a total of Rs 3 lakh under 80C. At the same time, both can get tax benefits of Rs 2 lakh each on the interest under section 24. In this way, you can get tax benefits up to Rs 7 lakh in total. However, it will also depend on how much your home loan is.

Home loans will be available easily.
Many times people face difficulty in taking a loan due to poor credit score, low income, and or problems in the ratio of other types of loans and income. In such a situation, a joint home loan is helpful. In this, by adding another person as an applicant, the eligibility for taking a loan increases. If the other person involved in the joint loan has a good paying capacity, then the loan is easily available. However, this rule applies to any kind of joint loan, whether the joint home loan is taken with a female applicant or a male applicant.

Effect on credit score

On taking a joint home loan, both the husband and wife will be equally responsible. In such a situation, if the EMI is paid on time, it helps in improving the credit score of both. Apart from this, when both partners pay the EMI together, the entire burden does not fall on any one person. This also does not spoil the household budget.

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