You have guessed it right – two people contributing to paying for a home EMI quickens the repaying term and makes it twice as fast. Time is an invaluable asset.
And when you are buying a home with a spouse or family member, you want more time to enjoy their company without distractions like a loan EMI.
What can you do about it?
- Banks allow you to take a joint home loan with a legal partner like Wife/Husband.
- You can also take a joint home loan with a family member like your mother/father brother or sister.
There are numerous reasons why families today believe in sharing a home loan.
The down payment
There’s no maximum limit when making a downpayment for a home loan. People usually save up before taking a home loan, and once again having two incomes comes to their rescue.
As you are making a joint decision to buy a home and are sharing the responsibility of financing it, having two incomes help in dividing the buying pressure.
- A down payment close to 15% of the home loan is on the lower side of the scale.
- Down Payments of 20%-30% of the home cost will significantly reduce the cost.
- Making a larger down payment shortens the payback term of the loan.
- Banks and financial institutions will be ready to give you a better EMI, interest rate if you make a larger down payment.
Luxury, now easily affordable
That’s right, if you want to make life wonderful, you need a home that reflects your interests and needs. New properties offer all the amenities your family could desire.
Banks are eager to offer a loan for a popular property. With a home loan shared between two partners, you can invest in a home that has a medium-to-high value appreciation, and also enjoy all the shared happiness of ownership it brings.
Two owners are better than one.
There are times when one of the partners is not able to work, and supporting the family financially is a one-person responsibility. This is not as difficult as in today’s world we are able to adapt and share family responsibility.
- Banks are flexible in the loan they offer, choose a bank with a lower interest rate and a long tenure for shorter EMI.
- Do not take a loan of very long tenure, as interest rates can sometimes almost double the price of a home. So the EMI you select is important.
- The tenure of a loan influences the cost interest that is payable.
So, where are we now?
With all these advantages of taking a joint home loan, it’s time to start thinking about where?
A new age citizen of Pune would see top-class connectivity to an IT park that matches their stature. While looking for such suitable projects, you should consider EON Homes. Why?
Kasturi’s EON Homes is located at Hinjawadi Phase 3, right opposite TCS IT park. It offers luxury, connectivity and spaciousness. Kasturi EON Homes with South-East Asian inspired architecture and utilities is now a choice of people. How do you feel about 70% open green space in your neighbourhood, and underground parking?
To know more, search for Kasturi EON Homes in Hinjewadi Phase 3 and be thrilled by this 23-acre development.