Benefits Of Taking A Joint Home Loan

A joint home loan means a home loan taken by two people jointly. A co-applicant and a co-borrower both are eligible to get a joint home loan with the main home loan applicant. A co-owner is a joint owner of the property in question, where as a co-applicant doesn’t necessarily needs to be a part owner of the property. An immediate family member can be a co-applicant for a joint home loan. The loan lender considers the income and eligibility of co-applicant as well while approving a joint home loan. A co-applicant can be salaried or self employed, Indian or NRI.

There are many benefits one can claim to by taking a joint home loan. They are listed as below…


Higher Loan Eligibility:

Applying for a joint home loan proves beneficial when it comes to assessing eligibility criteria. Banks and NBFCs check the eligibility of both applicants. Accordingly the home loan is granted. Applying for a joint home loan enables the applicants to get higher loan amount, negotiate on home loan charges thus they can afford bigger home and receive financial benefits.


Higher Tax Benefits:

If the co-applicant in the joint home loan is also a co-owner in the property, then both can avail tax deductions if each of them is contributing to the home loan repayment. They can avail tax benefits under various sections of income tax act of India. As each co-applicant in the home loan is eligible for tax deduction, the collective tax benefits are much higher than in the case of a single loan applicant.


Special Interest Rates for Women Co-Applicants:

Many banks and NBFCs provide special interest rates for women when it comes to home loan. So if you are taking a joint home loan and one of the co-applicants is a woman, you can avail benefits on interest rate. The more benefits you get on interest rate, the more funds you save in future. To avail the benefits a woman has to be the co-owner or sole owner of the property in question.

Repayment Responsibility:

When it comes to a joint home loan repayment, all the applicants share the responsibility equally. They can pay back the home loan by opting for EMIs i.e. equated monthly installments. They can pay the EMIs separately on through their joint bank account.



In joint home loan, all the co-applicants have to provide their KYC details, income details, employment details and have to showcase their ability to pay back the joint home loan. By valuating the documents of all co-applicants, banks and NBFCs grant joint home loan. Even if one co-applicant’s documents fall short, it can be proved as a hurdle in approving a joint home loan.


Apply for a joint home loan today!

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