Joint Home Loan

A joint home loan is a housing loan that is taken by more than one person to increase home loan...

A joint home loan is a housing loan that is taken by more than one person to increase home loan eligibility and repaid with equal financial responsibility. Family members, including spouses, parents, siblings and/or children, can be the co-applicants for the joint home loan.

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Google Play Store

4.5_/5

15.5L Reviews

5.7cr+Satisfied Customers

65+Lending Partners

₹65k Cr+Loans Disbursed

Competitive Interest Rates

Starting 7.10% p.a.

Handpicked Home Loan Offers

Offers from 25+ Banks & HFCs

Dedicated Customer Support

Expert Assistance at Every Step

Transfer Balance & Get a Top-Up Easily

Additional Funds when Required

Home Loan EMI Calculator

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HDFC Bank

Min Loan Amt. ₹15L

Rate of Interest7.2% - 13.2%

Tenure uptoUpto 30 Years

Processing Fee₹ 10,000

ICICI Bank

Min Loan Amt. ₹15L

Rate of Interest7.65% - 9.80%

Tenure uptoUpto 30 Years

Processing Fee₹ 10,000

Axis Bank

Min Loan Amt. ₹30L

Rate of Interest8.35% - 11.90%

Tenure uptoUpto 30 Years

Processing Fee₹ 14,000

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Co-applicant versus co-owner

Key Benefits Of Taking A Joint Home Loan

Documents Required for Joint Home Loan

Joint Home Loan Eligibility

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Step 1: Enter your mobile number in the application form.

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Step 3: Enter details related to your loan requirements.

Step 4: Provide your personal and employment details.

Step 5: Compare offers and apply for the best-suited loan.

Co-applicant versus co-owner

It is important to understand the difference between a co-applicant and a co-owner.

A co-applicant is someone who applies for a loan jointly with the primary borrower and shares the responsibility of loan repayment but may or may not have ownership in the property or asset.
On the other hand, a co-owner is someone who has a legal share in the ownership of the property but may not necessarily be involved in the loan repayment unless they are also a co-applicant.

Key Benefits Of Taking A Joint Home Loan

Higher Loan Amount:

Including a co-applicant enhances your overall repayment capacity, making you eligible for a higher loan amount.

Tax Benefits:

Both co-applicants can individually claim tax deductions on principal and interest payments under Sections 80C and 24(b) of the Income Tax Act.

Shared Financial Burden:

The EMI gets divided between the applicants, reducing the repayment pressure on a single person.

Better Loan Approval Chances:

A joint application, especially with someone having a stable income and good credit score, can improve the chances of loan approval.

Documents Required for Joint Home Loan

No restrictions in terms of end usage of loan proceeds
No requirement for providing additional collateral/security, apart from the one pledged for the existing home loan
Lower interest rates than personal loans
Quick loan disbursal process as the lender already has the KYC details and documentation of the pledged collateral of their existing home loan borrowers.

Joint Home Loan Eligibility

Joint home loan eligibility depends on the relationship between co-applicants.
Any two or more individuals can apply jointly to purchase a home.
Valid co-applicants include spouse, siblings, or parents.
A maximum of six people can apply together under one home loan application.
Most lenders (banks, NBFCs, HFCs) require co-applicants to also be co-owners of the property.
Ensure the co-ownership clause is included in the property agreement to qualify for a joint home loan.

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Who can be a Co-borrower or Co-applicant?

An immediate family member can be your co-applicant or co-borrower. He/she should be salaried or self-employed. NRIs are also eligible to be co-applicants. Below can be your co-borrower:

Spouse
Parent
Sibling

Note: A brother can act as a co-applicant for a Home Loan if he is staying with the main applicant and intends to do so in the new property. However, a brother, acting as the main applicant, cannot choose his sister as a co-applicant. Furthermore, a female applicant cannot choose her sister as a co-applicant.

Myth vs Fact Format

Myth 1: Only married couples can apply for a joint home loan.

Fact: Not true. Siblings, parents, children can be co-applicants, subject to lender policies.

Myth 2: Both co-applicants must be co-owners of the property.

Fact: Yes, for claiming tax benefits, co-applicants must also be co-owners. But technically, a person can be just a co-applicant without ownership.

Myth 3:Adding a co-applicant guarantees loan approval.

Fact: While it improves your chances, approval still depends on income stability, credit score, and repayment capacity of both applicants.

Myth 4: Only one person can claim tax benefits on a joint loan.

Fact: All co-applicants who are co-owners and contribute to EMI payments can individually claim tax benefits.

Myth 5:A joint home loan means equal EMI contribution.

Fact: EMI sharing can be in any ratio, as mutually decided, and does not need to be 50:50.

How Can I Apply for a Home Loan Online?

Get up to ₹5 Crore in 5 Simple Steps

Step 1: Enter your mobile number in the application form.

Step 2: Verify using the OTP sent to your mobile number.

Step 3: Enter details related to your loan requirements.

Step 4: Provide your personal and employment details.

Step 5: Compare offers and apply for the best-suited loan.

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FAQs

Generally, immediate family members can apply home loan together, such as spouses, parents, siblings, or children. Up to 6 co-applicants are usually allowed, depending on the lender’s policies.

Yes, but the chances of approval may reduce, and the bank could offer a lower loan amount or charge a higher interest rate. The applicant with a good credit score can help balance the risk, but lenders still assess all applicants’ repayment histories.

All co-borrowers are legally responsible for repaying the loan. You can mutually decide how to split the EMI, but if one person defaults, the others must cover the repayment to avoid penalties.

Usually, the primary applicant must be at least 18–21 years old. The maximum age at loan maturity is typically 60–70 years, and lenders consider the age of all co-applicants while fixing the loan tenure.

A co-owner has a legal share in the property. A co-applicant helps in repaying the loan but may or may not be a co-owner. However, most banks require all co-applicants to also be co-owners in home loans.

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Joint Home Loan