The continuous hike in the lending rates has been terrorizing the borrowers, the lending rates have been soaring since the last couple of years and hence it has had an advert effect on the financial planning of the borrowers.
A borrower can not do much to regulate the lending rates so in order to save as much as they can out of the unfavorable conditions like these, borrowers are opting for advanced loan schemes where they can get much more benefits then the conventional loan schemes and hence to an extent can counter the effect of high lending rates; one of such kind are the joint Home Loans.
In such home loans two individuals co-borrow a home loan; it is the best option for the working couples. From the borrowers point of view it is a multi benefit loan scheme, one that their loan eligibility increases and two they can enjoy more income tax benefits.
"Under section 80C of the I-T Act, deduction from total income is available to the extent of .`1,00,000 in respect of any payment, re-payment, part payment and/or installment, towards the cost of purchase/construction of a new residential house property to any bank, financial institutions, etc," said Suresh Surana, founder of Astute Consulting Group.
The amount of EMIs to be depends on the ownership of the borrower in the property, inn case the ownership proportion changes then the EMI pattern for the co-borrowers also changes accordingly.
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