What is a Joint Home Loan?
A joint Home Loan is a Home Loan taken by more than one individual. All the co-applicants in a joint Home Loan have an equal financial responsibility towards the loan repayment. In India, you can avail of a joint Home Loan with a parent, a spouse, or any close family member. However, there are a few exceptions here such as married daughters.
A co-applicant does not need to be a co-owner. However, the tax benefits associated with joint Housing Loans can only be availed of by co-applicants who are also co-owners.
Joint Home Loan Eligibility Criteria
To be eligible for a joint Home Loan, all co-applicants must meet the Home Loan eligibility criteria, such as:
- You must an Indian citizen (NRIs included) between the age of 21 and 75 years**
- You must be an Indian (resident only) between the age of 23 and 70 years**
- You should have work experience of at least 3 years
- You should have a vintage of at least 3 years at their current business
- Your credit score should ideally by above 750. In case the primary applicant's Home Loan eligibility is low, co-applicants should have a high credit score
**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
You can also use the Home Loan Eligibility Calculator to check your loan eligibility online.
Also Read: How Does a Joint Home Loan Affect Your Credit Score?
Documents Required for a Joint Home Loan
To avail a joint Home Loan, you need to provide a certain set of documents to the lender. Keep these from the Home Loan documents list ready with you.
- KYC documents (documents that serve as proofs of your identity and address)
- Mandatory documents (PAN Card or Form 60)
- Proof of income (based on the applicant’s profile; includes latest salary slips for salaried applicants and P&L statements for self-employed applicants)
- Proof of business existence with a vintage of not less than 5 years (for self-employed applicants only)
- Statements of your primary account of your last 6 months as proof of income
The list of documents required for a joint Home Loan is indicative. Borrowers may need to provide additional documents to showcase their Home Loan eligibility.
Benefits of Taking a Joint Home Loan
Joint Home Loans come with several benefits.
- When two or more earning individuals apply for a Home Loan together, the overall payment capacity of the borrower increases. Thus, in the case of joint Home Loans, you may get offered a higher loan amount.
- In the case of a Joint Home Loan, the responsibility Home Loan repayment falls on all the co-owners. All the parties involved are equally responsible for repaying the loan.
- When co-applicants in a joint Home Loan are also co-borrowers, all co-applicants can avail of tax benefits separately on the payments made towards interest and principal repayment.
How to Apply for a Joint Home Loan
If you’re wondering how to apply for a joint Home Loan, the below guide will help you with our online Home Loan application process.
- To apply for a Home Loan, navigate to our Home Loan application form.
- Enter the required Home Loan amount with your full name, mobile number, employment type, income details, and area PIN code.
- Enter the requested OTP and complete the rest of the application.
Once we receive your housing loan application, our representative will get in touch with you within 24 hours* to walk you through the next steps.
*Terms and conditions apply
Joint Home Loan: FAQs
While applying for a joint Home Loan, your co-applicants can be your spouse, parents, siblings, son or unmarried daughters. However, applying for a joint Home Loan comes with some exceptions such as you cannot apply with your business partner, a friend or a minor.
No, you cannot apply for a joint Home Loan with a friend or a business partner as a co-applicant. You can only apply for a joint Home Loan with your spouse, parents, or children, with certain exceptions such as married daughters.
