Co-applicants can claim tax deductions up to Rs.1.5 Lakh on principal repayment and Rs. 2 Lakh on interest repayment.
The lender will consider the incomes of both the applicants in a joint home loan. Thus if the combined income is higher, the lender might give you a higher loan amount.
If your co-applicant is a woman, the interest rate can be a few points lower than the regular home loan interest rates.
In a joint home loan, the pressure to repay the loan is not on one person alone. Co-applicants are equally responsible.
Having a woman co-applicant can be beneficial as stamp duty charges are relaxed for women. It is 2% lower for women in most states.
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