If you are thinking of taking a home loan, then this news can be important for you. There are many benefits of taking a joint home loan with your wife. This can get you a loan at a lower interest rate, which will reduce your EMI. Not only this, both of you can also save income tax together, which will give you double the benefit. So, do include your wife while taking a home loan-

If you make a female co-applicant (mother, wife, or sister) in a joint home loan, then you will get the loan at a slightly lower interest rate. If the loan is cheaper, then your EMI can also be reduced a little. Let us know what the benefits are of including a wife in a home loan.

You can get a cheaper home loan-

Usually, banks give home loans at fixed interest rates. But when the co-applicant is a woman, then the banks give a concession in the interest rate. If your wife, sister, or mother is included as a co-applicant, you can get a discount of 0.05 percent (5 basis points) in the interest rate. However, to take advantage of this, the woman should have the right to own or jointly own the property.

Tax will also be saved up to Rs 7 lakh-
On taking a joint home loan, both the borrower husband and wife can get different benefits in income tax. Under section 80C, each person can claim a deduction of up to Rs 1.5 lakh on the principal amount, making the total exemption Rs 3 lakh. In this way, taking a joint home loan with the wife gives double the tax benefit.

At the same time, both can claim a tax benefit of Rs 2 lakh each on the interest under section 24. In this way, you can save up to Rs 7 lakh in total in tax. However, this will also depend on the amount of your home loan.