Home Loan: If you want to buy a house, there is a big advantage of taking a joint home loan with your wife, you can save lakhs of rupees in this way

Breaking News, Digital Desk- If you are planning to buy a house, applying for a home loan together with your wife can be a wise move. By doing this you can easily save lakhs of rupees. By taking a joint home loan with your wife, you can get the benefit of subsidy under Pradhan Mantri Awas Yojana (PMAY).

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Apart from this, in many states, stamp duty exemption is also given on property registration in the name of women. Let us know how you can avail 5 big benefits by taking a home loan with your wife. 

These are the 5 big advantages of taking a joint partnership with your wife-

Eligibility for higher loan amount-

You can take a bigger loan amount on a joint home loan with your wife. If your wife is working then the bank will easily give you the loan. This will make it easier to buy a better and more expensive home. 

Discount in interest rate-

Many banks offer a discount of up to 0.05% in the interest rate if you take a joint home loan with your wife. This way you will save lakhs of rupees during the entire loan period. 

Double tax exemption-

In a joint home loan, you and your wife can avail deduction of ₹1.5 lakh (Section 80C) and ₹2 lakh (Section 24b) separately. That is, you can avail a total tax exemption of up to ₹7 lakh.

Exemption in stamp duty (for female joint owner)-

In states like Delhi, Maharashtra, Himachal, women get stamp duty exemption of 1%–2%. 

PMAY Subsidy-

Under the Pradhan Mantri Awas Yojana, a subsidy of up to ₹2.5 lakh is available only if there is a female co-owner. You can avail this benefit by taking a home loan with your wife. This is valid only for first-time homebuyers.