Joint home loan is a succor when Realty suffers

Nowadays global real estate market is facing slowdown due to mounting rate of home loan and increasing prices of property. But in the midst of this crisis according to the sector watchers Joint Home Loan is very helpful to get out from the crisis. Joint home loan not only increases your finances but also extra tax benefits. Common man’s dream home has badly destroyed due to high rates of property and interest.
When it comes to interest and particularly to floating interest rate it increases the monthly installments and made individual buyer distrustful. In this scenario individual buyers are looking to transform their reality into the realty dream. So according to the analysts view joint housing loan remains the only option to the individual buyers to increase funds, propose more flexibility in repayment apart from the extra benefits.
According to the income Tax Act deduction on borrowed capital is allowable only in case when it borrowed for the purpose of property purchase, construction, redevelopment of the property. When it comes to joint home loan both the aspirants can claim deduction under the provision. Whereas in joint ownership scenario each individual co-owner will be permitted to a deduction of 1.50L and (30K in particular cases). Before borrowing joint home loan one should have to calculate the EMI’s payment, it depends on the ownership of the house and income. In such scenario like joint home loan whatever the income incurred or repayment of borrowings 50:50 is sharing between both the parties, so it becomes bearable to individuals to having realty.

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