Shreyaa Kapoor Instagram – In general, while taking a home loan there are multiple benefits you get if you have a co-borrower.
To name some:
– Better eligibility: The income of both borrowers is considered while processing the application.
– Higher chances of loan approval: Having a co-borrower with a strong credit profile and stable income can increase the chances of loan approval as lenders may consider the co-borrower’s financial stability.
– Higher loan amount: Banks may sanction loan amounts ranging from just a few lakhs to a substantial percentage of the total cost of an upscale property in a prime location if you have a co-borrower.
– Increased repayment flexibility: Your repayment schedule may be more flexible with a co-borrower. This enables both borrowers to utilize their income to repay the loan.
– Tax benefits: Both borrowers can claim a tax benefit from the repayment of the Home Loan, as long as they’re co-owners of the property. Under given conditions and limits, both parties are eligible to claim tax benefits to an extent.
But these benefits get even better with a woman co-borrower as:
As the interest rates of home loans are directly based on the risk profile of the applicant, women tend to enjoy a concession on home loans. ✨
Many banks and NBFCs have introduced exclusive home loan packages for women. 🙏🏼
Some states offer an additional benefit for women where they can avail a home loan at lower house registration charges than men applicants.🍀
Share this with someone who is planning on taking a home loan! 🙌🏼
Concept inspired by: @gauravmotivegroom
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Home loan, loan, loan tips, personal finance, bank loan, finance tips, women borrower. | Posted on 14/Nov/2023 20:00:10
