If you are planning to apply for a home loan here’s some news that might be useful. When taking a home loan consider including your wife as a co-applicant. There are many benefits to taking a joint home loan with wife. Not only can this reduce your EMI but you can also save a lot of taxes potentially up to Rs 7 lakh. Let’s explore how a joint home loan with your wife can be beneficial.
Taking a joint home loan with a female co-applicant such as your wife can result in a lower interest rate. Lenders often offer a slightly reduced rate of around 0.05 percent (5 basis points) for loans where a woman is the co-owner or sole owner of the property. This lower rate can directly reduce your EMI making the loan more affordable.
One of the biggest benefits of a joint home loan with your wife is the income tax savings. Both you and your wife as co-applicants can claim separate tax deductions if both are co-owners of the property. Under Section 80C you can claim up to Rs 1.5 lakh each on the principal repayment totaling Rs 3 lakh. Additionally both of you can claim up to Rs 2 lakh each on interest under Section 24. This means in total you could save up to Rs 7 lakh in taxes depending on your loan amount.
Easier Loan Approval
Sometimes getting a loan can be difficult due to a low credit score, low income or other factors. In such cases having a joint home loan with your wife can improve your chances of approval. With a joint loan the combined income and credit profiles of both applicants are considered hence making it easier to qualify for the loan.
When you apply for a loan individually the amount is based solely on your income. However in a joint home loan with wife benefits the combined income of both applicants is considered. This increases the loan amount you are eligible for. But make sure that the debt-to-income ratio remains within 50 to 60 percent to avoid any financial stress.
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Additional Benefits for Women in India
Apart from the benefits of a joint home loan with wife benefits several government schemes empower women financially:
1. Ladli Behna Yojana
This scheme, launched in Madhya Pradesh which provides financial support to women by offering Rs 1000 to Rs 1250 per month. The goal is to empower women by improving health, nutrition, and financial stability.
2. Sukanya Samriddhi Yojana
This savings scheme is for young girls and can be started from birth until 10 years of age. It helps secure the financial future of the girl child with attractive interest rates and tax benefits.
3. Rajiv Gandhi National Creche Scheme
This scheme provides affordable daycare facilities for working mothers ensuring their children receive proper care while they are at work.
4. Women Entrepreneurship Platform
This initiative by NITI Aayog supports aspiring women entrepreneurs by providing resources, funding options and mentorship.
5. Pradhan Mantri Matru Vandana Yojana
This scheme offers maternity benefits to pregnant and lactating mothers in the informal sector ensuring they can care for their newborns without financial stress.
6. Mahila E-Haat
This online platform allows women to sell handmade products directly to consumers promoting financial independence.
7. Working Women Hostel
Single, separated or physically challenged women can stay in government hostels at affordable rates if they are employed in a city away from their permanent residence.
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