Buying a home with family? A joint home loan could be your smartest financial move! At Today Finserv Consulting India, we explain everything about co-borrowing to help you make informed decisions.
Understanding Joint Home Loans
What is a Joint Home Loan?
A joint home loan involves two or more applicants (typically family members) applying together for:
✔ Higher loan eligibility
✔ Shared financial responsibility
✔ Combined income benefits
✔ Better chances of approval
Who Can Be Co-Applicants?
- Spouses (most common)
- Parents/Children (above 18)
- Siblings
- Other blood relatives (varies by lender)
Key Benefits of Joint Home Loans
Why Consider a Joint Loan?
| Benefit | Description |
|---|---|
| Higher Eligibility | Combined incomes increase loan amount |
| Tax Advantages | Each co-borrower can claim deductions |
| Better Approval | Stronger application with multiple incomes |
| Shared Responsibility | EMI burden divided among applicants |
5 Crucial FAQs About Joint Home Loans
1. Can non-earning spouses be co-applicants?
Yes, but only earning co-applicants’ incomes are considered for eligibility.
2. How is ownership determined?
Ownership shares are decided at registration – can be equal or percentage-based.
3. Can we get separate tax benefits?
Yes! Each co-borrower can claim up to ₹2 lakh interest deduction under Section 24.
4. What happens if co-applicants divorce?
The loan remains valid. Either party can take over payments or property can be sold.
5. Can NRIs be joint applicants?
Yes, but terms vary by lender. Some restrict NRI + resident combinations.
Important Considerations
Before Applying for Joint Loan
✅ Check all applicants’ credit scores (minimum 750 recommended)
✅ Clearly decide ownership percentages upfront
✅ Understand all applicants are equally liable for repayments
✅ Review all terms carefully before signing
Why Choose Today Finserv?
Our experts help you:
✔ Find best joint home loan rates
✔ Maximize tax benefits
✔ Structure ownership wisely
✔ Complete documentation smoothly
Ready to apply for a joint home loan? Contact us today for personalized advice!
