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Getting married is welcoming a new phase into your life. Wouldn’t you desire to spend this new journey in your own paradise, home?
With the availability of housing loans at affordable interest rates and attractive deals, applying for a home loan through banks & financial institutions has become easy. This process is a first time experience for the newly married. So, it will be one of the most expensive or say, the expensive purchase you will ever make in your life. Saying so, it will be of extreme importance to be cautious, make wise decisions and choose a house that best suits you. While considering these pointers, don’t forget as a married couple, you now have the advantage of having your spouse as the co-applicant considering the multiplied repayment capacity, joint loan and eligibility for PMAY.
What is a Joint Home Loan and how it’s useful for a married couple?
When more than one person takes the home loan and repay jointly, that’s a Joint Home Loan. You can take a home loan jointly, in this case, with your spouse, to avail a higher loan amount; and the chances of approval is also higher. The other major benefits of a Joint Home Loan are:-
What’s PMAY, eligibility and benefits?
The Pradhan Mantri Awas Yojana (PMAY) has brought a series of benefits for home-buyers. Married couple, in joint ownership, will be eligible to buy a house considering income eligibility of the household & other eligible parameters. Under PMAY, you can enjoy a subsidy of up to Rs. 2.67 lakh on your home loan interest under the Pradhan Mantri Awas Yojana. The percentage of subsidy depends on your income category and the total carpet area of your house.
Now go ahead and start planning for your new home. After all, one of the dreams of a newly married couple is the dream of purchasing a home together.