Reduced interest rates: Among the many advantages of getting a joint home loan with a spouse, one of the most obvious is that both people will have an interest rate that is lower than what they would get if they were to individually apply for a home loan. “Women borrowers usually receive special interest rates from financial institutions, which are a few basis points lower than normal rate of interest. However, to get this, the woman must be the joint or sole owner of the property. This means that it could take less time to pay off the mortgage, and the money saved on interest could be put towards other things,” says Monga.