5 Things to Consider Before Getting a Joint Home Loan

Buying a home is one of the biggest investments that you will ever make in a lifetime. However, it is not possible for every person to accrue sufficient amount of savings to purchase a home. In order to fulfill this dream, banks and NBFCs have come up with versatile home loan offers.

Considering the soaring prices of real estate, a single person may not be capable enough to fulfill the eligibility criteria of availing a home loan. As a result, many people prefer to apply for a joint loan. However, availing such loan can be difficult if you are unable to fulfill the pre-requisites. After approaching several experts, we have gathered a few things to consider before getting a joint loan.

Understand the criteria for Co-applicants

A co-applicant is a person who is known to apply for a loan along with you. He may not be the co-owner of the property, but he may have to pay the home loan EMI along with you.

A co-applicant can be your spouse, son, siblings, or parents.

Submit the required documents

Whenever you apply for a joint loan, you are required to submit your documents as well as those of the co-applicant. Thus, you need to be extra careful while submitting documents as the application can get rejected if any of your documents do not qualify.

Understand Loan Eligibility

Joint loan applications are submitted primarily to increase the home loan eligibility. By combining the annual incomes, you are able to increase the repayment capacity. Thus, you are eligible to avail higher amount of home loan.

Tax Benefits

Under Section 80C of the Income Tax Act, you are eligible to avail tax benefits on account of home loan EMI payments. For borrowings up to Rs. 1 lac and interest repayment up to Rs. 1.5 lac, you are eligible to receive income tax benefit under Section 24.


Credit history is best determined by CIBIL Score. If any of the applicants have a lower CIBIL score, then the loan application may get rejected.