What Is a Joint Home Loan?
A Joint Home Loan allows two or more individuals to borrow money together to buy or build a home.
The loan amount eligibility increases as incomes are clubbed, and both applicants share EMI responsibility.
Who Can Apply for a Joint Home Loan?
You can apply jointly with:
👫 Spouse
👨👩👧 Parents or Children
👬 Siblings (in some cases)
👭 Co-owners of the property
💡 Co-ownership of the property is mandatory for joint loan eligibility.
Benefits of a Joint Home Loan
| Benefit | Description |
|---|---|
| 💰 Higher Loan Amount | Combined income = Higher eligibility |
| 🧾 Dual Tax Benefits | Each borrower gets benefits under 80C & 24(b) |
| 📉 Shared EMI Burden | EMIs can be split between co-borrowers |
| 🏦 Better Approval Chances | Higher financial credibility as a pair |
Tax Benefits (Per Applicant)
₹1.5 lakh deduction on principal repayment under Section 80C
₹2 lakh deduction on interest under Section 24(b)
(If both co-borrowers are co-owners and co-payers)
Documents Required (For Both Applicants)
Aadhaar + PAN Card
Address Proof
Salary slips (3–6 months) or ITR for self-employed
Bank statements (6 months)
Property documents
Co-ownership agreement (if needed)
Eligibility Criteria
Both applicants must be aged 21–65
Stable income sources (salaried or self-employed)
Good CIBIL scores (700+) for both
Must be co-owners of the property
Common Scenarios for Joint Home Loans
| Case | Benefit |
|---|---|
| Husband & Wife | Tax savings + easy legal ownership |
| Parent & Child | Use of parent’s stable income for younger buyers |
| Siblings | Shared EMI and faster property ownership (if allowed) |
Why Choose Vizzve for Joint Home Loans?
👨👩👧👦 Family-friendly home loan options
📱 100% online process for co-borrowers in different locations
🔽 Low interest rates for joint applicants
📊 Real-time eligibility check for both parties
💬 Expert support in understanding co-ownership & legal formalities
FAQs
Q1. Can only one person claim tax benefits in a joint loan?
No, both co-borrowers can claim individual deductions if both are co-owners and repay the loan.
Q2. What if one person defaults on EMI?
The other borrower becomes equally liable, as it's a joint responsibility.
Q3. Can we split EMI in different bank accounts?
Yes, Vizzve allows flexible EMI distribution between borrowers.
Q4. Is it mandatory for both to live in the property?
No. But both must be co-owners on paper to claim benefits.
Published on : 23rd July
Published by : SMITA
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