How taking a joint home loan is beneficial for you?

Besides the benefit of availing a larger home loan, joint home loan owners realize the lessened cost of the home due to substantial tax benefits. Shared responsibility in repaying the loan also lowers the burden of loan repayment.

Buying your dream home may not be easy. However, with banks and non-banking financial companies eager to extend loans at competitive rates, the dream to shift to your choice of abode may not be far-fetched. You may either apply for an individual home loan or seek a joint loan with someone to share your debt burden. Not many people are aware that as many as six co-applicants can apply for a joint home loan.

Not anyone or everyone can show interest in being a co-applicant. Banks or finance companies accept joint home loan applications from couples, or with parents or own siblings. This means that joint loans are given to married couples or parents, siblings or children. The co-applicants in a joint home loan can be either salaried or self-employed. Moreover, even Non-Resident Indians are also eligible to be co-applicants.