If you are a young married couple and want to own a house before you start a family, without burdening your joy for travelling and shopping, then here is a simple mantra, by which, all you pursuits of happiness can be fulfilled.
Opting for a joint loan, with you and your spouse as a co-owner, has amazing advantages :
1. If you are a working couple, only then the banks will accept a joint home loan application
2. EMIs payments on your home loan will not be burdened on a single person’s finances, both the joint home loan holders can contribute, depending upon their proportion as the holding between the owners, to the payment of the EMIs.
3. You can avail individual tax benefits on the repayment of your principle amount and interest on your joint home loan.
4. The EMIs can be paid by the joint owners through their joint account, where the amount required to pay your EMIs can be credited directly from the joint owners’ accounts.
Make sure you and your spouse continue investing into various tax benefit schemes so that you direct those finances towards your EMI payments thus reducing the burden off your finances. In addition to this, maintain a good credit score, so that you can benefit in a way to come into negotiations of reducing your interest with the bank. That is only if , the banks find you to have a good credit standing.
Before making any kind of purchases, paln well in advance so that you can efficiently handle your incomes without looking out for debt related avenues such as opting for multiple credit cards for financing petty expenses or opting for a perosnal loan to further finance your existing loan burden.
Be a prudent borrower