Buying a home is one of the biggest financial commitments in life. With property prices rising, many people wonder how they can boost their home loan eligibility and reduce repayment burden. One smart solution? A Joint Home Loan.
But is it the right move for you?
Let’s explore what a joint home loan means, its benefits, who you can take it with, and the things you should consider before opting for one.
✅ What Is a Joint Home Loan?
A joint home loan is a loan taken together by two or more individuals, usually family members, to purchase a property. All co-applicants are jointly responsible for repaying the loan.
Typically, people apply jointly with:
- Spouse
- Parents
- Siblings (in some cases)
🔍 Key Benefits of Taking a Joint Home Loan
1. Higher Loan Eligibility
When two incomes are combined, your overall eligibility for a larger loan amount increases. This is particularly useful in cities with high property prices.
2. Shared EMI Responsibility
Splitting the EMI makes repayment easier and reduces individual financial pressure. It’s great for budgeting.
3. Improves Credit Score
If one applicant has a lower CIBIL score, co-applying with someone who has a good score can balance the risk and improve chances of loan approval. Over time, joint repayment can even help boost the lower CIBIL score.
4. Tax Benefits for Both
Both applicants can claim tax deductions under Sections 80C and 24(b) of the Income Tax Act—doubling the overall tax benefit.
5. Faster Loan Approval
With a stronger financial profile, lenders are more likely to approve the loan faster.
🤝 Who Can Apply Jointly?
Banks and NBFCs typically allow these combinations:
- Husband + Wife
- Father + Son
- Mother + Son
- Siblings (depends on lender policy and co-ownership)
💡 Important: All co-applicants must be co-owners of the property.
⚠️ Things to Keep in Mind
- If one applicant defaults, the credit score of both gets affected.
- Legal ownership rights must be clearly defined in case of disputes.
- Communication is key—especially when managing finances with family.
💡 Shivafinz Tip
If you’re planning a home purchase soon, check your individual and combined CIBIL scores first. At Shivafinz, we help you assess eligibility, co-applicant selection, and guide you through loan documentation—all while optimizing your interest rates.
📞 Ready to Explore Joint Home Loan Options?
Don’t let low eligibility or high EMIs stop your homeownership dream. Reach out to Shivafinz for a free consultation and find the best loan plan for your family.