Joint Home Loan

Buying your own home is perhaps one of the most significant financial decisions you would make in your lifetime. While finding your dream home is a tough task, managing the finances for buying it is equally challenging. With real-estate prices skyrocketing these days, most people prefer opting for a home loan to buy their dream home.   

 Buying your own home is perhaps one of the most significant financial decisions you would make in your lifetime. While finding your dream home is a tough task, managing the finances for buying it is equally challenging. With real-estate prices skyrocketing these days, most people prefer opting for a home loan to buy their dream home.

However, certain factors such as low credit score or low annual/monthly income, might not qualify you for the desired loan amount. But, if you have a working partner, you can opt for a joint home loan together to avail a higher loan amount.

 

What is a Joint Home Loan?

A joint home loan is a housing loan which is taken by more than one person and can be repaid with equal financial responsibility.

The eligibility of your home loan depends on your age, income levels, and other loans if you are repaying any. Any of your family members, including spouse, parents, and siblings can be the co-applicants for the joint home loan.

 

Co-Applicant versus Co-owner

All co-owners of the property must be the co-applicants of the home loan. However, the co-applicants need not necessarily be co-owners. Only their income is considered for credit/loan appraisal.

 

Joint Home Loan Eligibility

Adding a co-applicant with an independent income source will increase your joint home loan eligibility. The lender will consider their income while assessing your repayment capacity, which in turn, will increase the amount of home loan you are eligible for. Normally, you are eligible for home loans up to 60 times your monthly net income.

For example: You have a monthly in-hand (take home) salary as Rs 50,000, this will make you eligible for a home loan of about Rs 30 lakh. Having co- applicant will increase the monthly income. Let’s say the co-applicant has a monthly in-hand (take home) salary as Rs 30,000. This makes a total salary of Rs. 80,000 per month. This makes you eligible for Rs 4.8 lakh. Thus, increasing your home loan eligibility.

 

Joint Home loan Benefits:

 

  • Higher Loan Eligibility

Bajaj Finserv home loan offers a high loan amount of up to Rs. 3.5 Crore. Pooling in incomes with your co-applicant for a joint home loan will make you eligible for a higher loan amount and afford a bigger home.

  • Easy Repayment with Flexible Tenure

Home loan repayment is the collective and also individual responsibility of the co-applicants. A joint home loan payment can be made in any way the applicants chooses to - they can either make the EMI payment separately or do so through a joint bank account. You can select from a flexible tenure ranging up to 240 months, suiting your repayment capability. This makes it easier for you to repay the loan amount.

  • Quick Approval and Disbursal

Enjoy instant approval of your Home Loan with co-applicant within minutes of submitting the application. Proper home loan documents such as your proof of identity, address, income and property documents are essential to avail the loan quickly and smoothly. Bajaj Finserv home loan ensures faster fund disbursal. It is on the basis of these documents that your home loan application gets processed.

  • Tax Benefits

In a Joint Home Loan, each co-applicant is eligible individually for the tax deduction. The collective tax benefits are much higher in the case of a single loan applicant. To be eligible to claim the tax benefit on your home loan, you need to be a joint owner of the property. The joint home loan benefits on tax interest are available, up to Rs. 50,000 and Rs. 2 Lakh under Section 80EE and Section 24 respectively.

 

Documents Required For Joint Home Loan

The following documents are required to be submitted by both applicants.

• KYC Documents

• Address Proof

• Proof of Identity

• Passport size photograph

• Form 16 or the latest salary slips and bank account statements of the previous 6 months.

• Document for proof of business of a minimum of 5 years for self-employed individuals.

Joint home loans come across as an effective tool when it comes to managing the burden of a home loan. It is also beneficial in acquiring a bigger home, thus bringing down the overall cost due to the increase in tax benefits. Moreover, sharing the responsibility contributes to lowering of the burden for loan repayment.

Visit Finserv Markets to explore quick and easy home loans options in India. You can also enjoy attractive interest rates and a host of benefits under one roof. Apply for a Joint Home Loan today and move a step ahead towards your dream home.  

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