Joint Home Loans: Everything to know about!

What are Joint Home Loans?

Buying a home is a ‘once-in-a-lifetime’ investment for many, and naturally, it takes profound research and information to invest hard-earned money into making this decision. The affordability factor plays an integral role in the decision-making process and so does the option of a Home Loan. Joint Home Loan is one such option, wherein co-applicants avail the loan to be eligible for a higher loan amount and share the financial burden equally.

Such kinds of loans can be taken by family members, a husband and wife seeking funds for their dream home. A Joint Home Loan can be tricky if it is not husband and wife, for other relationships lenders look at different parameters before they sanction the loan.

Although, there can be few restrictions and guidelines for Joint Home Loans due to succession and inheritance laws. The Joint Home Loan benefits and exemptions are divided amongst the co-applicants.

Opting for Joint Home Loan refers to availing secured loan with your trusted partner hence, sharing equal liability of repayment along with interest within the tenure.

Who can be Co-Applicants?

Immediate family members can apply as co-applicants for a joint home loan. The co-applicants thereby must possess a reliable source of income and proper documentation to fulfill the eligibility criteria.

Here is a list of people who can apply as co-borrowers for Joint Home Loan:

With a Parent

One can enjoy the benefits of a Joint Home Loan by applying for a loan with a parent as a co-applicant.


You are eligible for co-borrowing when your partner is co-owner of the home.


One can apply for a Joint Home loan with a brother or sister when they co-own the home.


Primary owners or unmarried daughters are eligible for being co-borrower.


In the case of multiple heirs, sons with primary ownership are eligible for the loan.

The retirement age of the older person is taken into account while calculating the loan tenure.

Advantages of taking Joint Home Loan

Higher Loan Eligibility

The high-value loan amount can be availed on the home loan. The EMI (Equated Monthly Installment) is split amongst the applicants to ease the repayment of the installments. Hence, the financial burden is reduced as the repayment is shared by the applicants.

Higher tax benefits

You can complete your dream of a bigger home with higher tax benefits on the home loan, which can be availed separately by applicants based on the payment proportion and principal of interest.

Easy repayment and flexible tenure

You get the option to select from a flexible tenure of up to 30 years based on your repayment capability.

Easy approval and disbursal

Within a maximum of 72 hours, you can get approval for the Joint Home Loan.

Online Account Management

You can easily track your loan processing and disbursed amount at any time 24*7 (365 days) just in a few clicks.

How can you apply for Joint Home Loan?

You can apply for Joint Home both by online and offline methods.

When you apply online, visit the lender or bank’s page where you want to apply for the loan and navigate through the page.

You can also apply offline, by physically visiting the lender or bank and get in touch with the customer executive to proceed with the process.

Documentation and eligibility criteria for Joint Home Loan

Proof of address: Your KYC documents which include your residence proof are essential for the Home Loan application.

Proof of income: Your salary slip or proof of income must be submitted to qualify you and your co-applicant for the Joint Home Loan. A stable income is considered for proper repayment and loan appraisal to be submitted.

Proof of Identity: Any of the official identity cards is necessary for identity verification and concrete proof of your background.

Credit Score: Maintaining a good credit score is mandatory for home loan approval and good ease the approval process for the same.

If you are thinking about Joint Home Loan, then it is a highly beneficial option for those who dream of a spacious home. The added tax benefits and higher loan amount advantages make it convenient for two individuals to opt for Joint Home Loan. Nevertheless, the essence of the Joint Home Loan lies in responsibly sharing the loan burden and fulfilling the requirements for the loan.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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