Home Loan: Everyone living in this world wants to have his own house. Buying a home is one of the biggest decisions in life. So, to ease the home loan process, ‘Joint Home Loan’ is considered a great option. Along with this, if your mother is added as a co-applicant, then it will not only increase the chances of getting the loan, but will also save you and your entire family from saving lakhs of rupees.

Will get big benefit from tax benefits

You can get a huge rebate of up to Rs 1.5 lakh on payment of principal under Section 80C of the Income Tax Act and up to Rs 2 lakh on payment of interest under Section 24(b). But, keep in mind that if both you and your mother are co-borrowers and both have sources of income, then both of you can claim these exemptions separately without any hassle. Which simply means that as a single family, you can take full advantage of total tax deduction of up to Rs 7 lakh.

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There will be more chances of low interest rates increasing

According to the information, there are many such banks in our country which give special discount of 0.05 percent to 0.10 percent in interest rates for women borrowers. But, due to the long home loan tenure of 30 years, it helps you save lakhs of rupees in EMIs and total interest payments, further increasing the chances of lower interest rates.

Does loan eligibility also increase?

Talking about loan eligibility, if your income is not as much as it should be for the loan amount, then adding your mother’s income can easily increase your total loan eligibility. Actually, the bank will approve higher loan amount depending on the income of both, so that you will be able to fulfill your dream of buying a luxurious house of your choice.

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Take care of emotional and financial security

By making the mother a co-owner or co-applicant, she can get full financial security and legal rights in the property. In fact, it not only completely secures the future of the family, but also helps a lot in simplifying the process of property inheritance.