Even if you do not have enough resources to purchase a house, you can fulfil your dreams after taking a home loan. But before getting a mortgage or a home loan, you should understand ‘do you need a joint account for a mortgage’. So, I will share a few pointers which will help you understand why it is always a good idea to get home loan on a joint account for mortgage.
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Helps in purchasing a bigger property/ home.
Helps in purchasing a home in the preferred locations.
Helps to get tax benefits.
Helps in the repayment of loans in a shorter period of time.
Women co-owners can get loans at a lower interest rate.
Generally, banks prefer co-applicants for mortgages since it becomes easier for the lender to assess the repayment capacity better. Family members can become a co-applicant who is salaried or self-employed; Non-Resident Indians or NRIs can also become co-applicants.
Although it is better to get a co-applicant while getting a mortgage, in some situations you should avoid applying for a joint mortgage.
You are meeting the eligibility criteria as a single applicant.
Due to your poor credit history, you have a low rating.
You are already repaying an ongoing loan.
You are buying a property for investment purposes with the perspective of selling the house later.
You will retire soon.
I hope you have a complete idea of the question ‘do you need a joint account for a mortgage?’
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Authors Of The Question
Do you need a joint account for a mortgage?
Chitra
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2 Year
2022-10-12T09:53:24+00:00 2022-10-12T09:53:27+00:00Comment
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