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:-

  • Income tax and higher tax savings
  • The repayment of EMI from a joint account owned by the co-applicants enables ease of repayment
  • Legal issues are reduced when the husband and wife own a property jointly
  • If one of the applicants is unable to pay the amount, the Bank nor the customer has to fear about defaulting on loan payment since there is another equally responsible borrower who can pay the EMI

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.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.