The Home Loan process can sometimes be overwhelming, especially if you are new to the credit world and lack a credit score. In such cases, a joint Home Loan can be a great option to consider because it permits splitting of the Home Loan with someone of a better financial standing. Let us understand how a joint Home Loan works, what are its benefits, and why you can consider it.
Top Benefits of Joint Home Loan
It can be beneficial to have some assistance when you're seeking a Home Loan. Here are some of the major benefits of a joint Home Loan:
Higher Sanctioned Home Loan Amount
The best and most obvious advantage of availing of a joint Home Loan in India is that you stand a chance of getting a sizeable loan amount sanctioned. This becomes possible since the lender considers two incomes instead of one for the same application. So, a borrower no longer needs to worry about having to compromise on their ideal home due to a shortage of funds. You can raise your budget and go for the property you want in the locality of your choice.
Easier Home Loan Repayment
When you have a financial co-applicant in your Home Loan, the responsibility of repaying the housing loan is shared between two individuals. This ensures easy Home Loan repayment.
Also Read: Is a Co-Applicant Mandatory for Home Loan?
Moreover, if you have a financial co-applicant to apply for a Home Loan, you may even be able to repay your Home Loan sooner. Since you have two incomes to pay the loan instead of one, you can opt for a higher EMI outgo each month. So, instead of taking a 30-year tenor on your Home Loan, you can opt for a lower tenor, such as 20 years or less. With a shorter tenor on your Home Loan, you are expected to save funds that would’ve otherwise been spent on repaying the Home Loan interest associated with a relatively longer tenor.
Greater Tax Benefits
Both the financial co-applicants can enjoy separate tax benefits on the same housing loan. The Home Loan principal and the interest are eligible for Home Loan tax benefits. The Joint Home Loan tax benefits are permitted under Section 80C of the Income Tax Act of 1961. However, it’s important to note here that the co-applicant/co-borrower of the loan must also be a co-owner to avail of tax benefits.
Who Can Co-Apply for a Joint Home Loan?
A close relative can easily be added as a loan financial co-applicant in case of a joint Home Loan for more enhanced loan eligibility. When you apply for a joint Home Loan, your co-applicants can include your spouse, parents, siblings, son, or unmarried daughters. However, there are exceptions to applying for a joint Home Loan, such as you cannot apply with your business partner, a friend, or a minor.
Whose Credit Score is Used in a Joint Home Loan?
When you avail of a joint Home Loan, your lender will look at the credit score and credit history of all the applicants that will be on the loan. Since the credit of the individuals involved will impact the loan you qualify for, it can be detrimental if you or the other individual you're applying with has a low credit score.
A joint Home Loan approval is based on all parties' complete financial and credit information.
Additional Read: Can I Apply for a Second Home Loan?
How to Check Eligibility for a Home Loan?
You can easily check your eligibility for a Home Loan online with a housing loan eligibility calculator. It can help estimate the approximate loan amount you can qualify for. The tool is free and easy to use. All you need to do is enter some basic details into the tool to have a fair idea of your eligibility. The details will include the following:
- City of residence
- Date of birth
- Monthly income
- Monthly obligations
Once you fill in these details, you will be able to see the approximate loan amount you're eligible for. Do keep in mind that the ultimate decision on your Home Loan will also depend on other factors, such as your age, credit score, and existing liabilities. Your co-applicant’s details will also be taken into consideration.
Final Thoughts
It is advisable to close other major loans before applying for a Home Loan. The same is applicable to the co-applicant as well. Also, you can use a Home Loan EMI Calculator to get an estimate of EMI outgo before applying so that you are able to plan your finances.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
Trending Articles

home+loan Home Loan
[N][T][T][N][T]
TDS on Sale of Property2025-04-02 | 2 min

home+loan Home Loan
[N][T][T][N][T]
How to Apply for a Home Loan in India: A Complete Guide2025-04-02 | 4 min

home+loan Home Loan
[N][T][T][N][T]
A Practical Guide for First-Time Homebuyers Buying a New Home2025-04-02 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Upscale Living in Bengaluru: 7 Localities to Consider2025-04-02 | 4 min

home+loan Home Loan
[N][T][T][N][T]
Understanding Home Loan Processing Fees2025-04-02 | 3 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Square Feet to Gaj: A Quick Guide for Loan Against Property Applicants2025-04-02 | 2 min

home+loan Home Loan
[N][T][T][N][T]
How to Claim a Stamp Duty Refund After Cancelling a Registered Sale Deed in Maharashtra2025-04-02 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Things to Avoid When Switching Your Home Loan2025-04-02 | 3 min

cibil Cibil
[N][T][T][N][T]
Different Types of Credit Report Errors and How to Fix Them_WC2023-07-11 | 4 min

cibil Cibil
[N][T][T][N][T]
How can I Remove Loan Inquiry from CIBIL Credit Report2024-01-22 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Exploring the Most Premium Localities in Noida: Top 10 Residential Neighbourhoods2025-04-02 | 3 min

home+loan Home Loan
[N][T][T][N][T]
TNREGINET Portal2025-04-02 | 3 min

[N][T][T][N][T]
Smart Ways to Pay Off Your Home Loan Faster2025-04-01 | 6 min

home+loan Home Loan
[N][T][T][N][T]
3 Smart Tips for Refinancing Your Home Loan2024-12-03 | 3 min

home+loan Home Loan
[N][T][T][N][T]
What is Patta Chitta and How to Apply for it Online?2025-04-01 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Why Should You Choose a Balance Transfer on Your Home Loan?2023-02-01 | 4 min

home+loan Home Loan
[N][T][T][N][T]
A Complete Guide on the Benefits of Joint Home Loan2022-11-16 | 5 min

tax Tax
[N][T][T][N][T]
Everything You Should Know About Tax Savings When Taking a Home Loan2023-01-09 | 5 min

home+loan Home Loan
[N][T][T][N][T]
PM Surya Ghar: Muft Bijli Yojana: Empowering Households with Rooftop Solar2025-04-01 | 3 min

tax Tax
[N][T][T][N][T]
Can I Claim Home Loan Tax Benefits on an Under-Construction Property?2024-05-23 | 5 min

tax Tax
[N][T][T][N][T]
How to Claim Tax Benefits on Joint Home Loans2024-07-10 | 4 min

loan+against+property Loan Against Property
[N][T][T][N][T]
A Guide to Viewing Jharkhand Land Records Online via JharBhoomi Portal2025-04-01 | 3 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Understanding the Loan-to-Value (LTV) Ratio: Meaning, Formula and Importance2025-04-01 | 2 min

[N][T][T][N][T]
3 Ways to Reduce Your EMIs with a Home Loan Balance Transfer2024-05-08 | 5 min

home+loan Home Loan
[N][T][T][N][T]
What is a Leave and Licence Agreement and Why is it Important?2025-04-01 | 2 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How to Know the Survey Number of Land in India2025-04-01 | 2 min

loan+against+property Loan Against Property
[N][T][T][N][T]
A Guide to Kaveri Online Services Portal for Property Registration in Karnataka2025-04-01 | 3 min

cibil Cibil
[N][T][T][N][T]
Importance of CIBIL Score for Achieving Business Goals2024-03-13 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Can You Buy a Home Without Paying the Down Payment First?2025-04-01 | 3 min

tax Tax
[N][T][T][N][T]
Tax Benefits on Home Loans for Self-Employed Individuals: What You Need to Know2024-06-07 | 4 min

home+loan Home Loan
[N][T][T][N][T]
What Is Home Loan Eligibility and How Is It Calculated2024-07-11 | 6 min

home+loan Home Loan
[N][T][T][N][T]
How Can NRIs Avail of Home Loans in India2025-03-17 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Why is the Interest Component Higher in the Initial EMIs of a Home Loan2025-03-07 | 6 min

home+loan Home Loan
[N][T][T][N][T]
How to Pay House Tax Online in Gorakhpur via Nagar Nigam Portal2025-03-28 | 4 min

cibil Cibil
[N][T][T][N][T]
What Is Credit Utilization Ratio and How Can You Improve It?2024-03-22 | 5 min

cibil Cibil
[N][T][T][N][T]
Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Exploring Square Feet to Centimeter Conversion for Interior Design and Construction2025-03-27 | 2 min

cibil Cibil
[N][T][T][N][T]
Does CIBIL Score Affect Loan Against Property Eligibility?2023-02-15 | 7 min

cibil Cibil
[N][T][T][N][T]
What Does Your Credit Score Tell About You?2024-06-11 | 5 min

cibil Cibil
[N][T][T][N][T]
Importance of CIBIL Score & Tips To Improve It2023-02-21 | 5 min

cibil Cibil
[N][T][T][N][T]
A Helpful Guide to Understanding Your Credit Report2024-01-26 | 5 min

cibil Cibil
[N][T][T][N][T]
How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min

cibil Cibil
[N][T][T][N][T]
Five Reasons Why a Bad Credit Score Could Lead to Loan Rejection2024-01-22 | 5 min

tax Tax
[N][T][T][N][T]
Difference Between Old vs. New Tax Regime2024-08-22 | 5 min

cibil Cibil
[N][T][T][N][T]
How Does Being A Loan Guarantor Affect Your Credit Score?2024-03-13 | 4 min

cibil Cibil
[N][T][T][N][T]
How a Good CIBIL Score Can Help You Celebrate the Festive Season Better2024-03-19 | 5 min

cibil Cibil
[N][T][T][N][T]
Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Loan Against Agricultural Land: Unlock the Value of Your Property2025-03-07 | 6 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Loan Against Residential Property: A Smart Financing Solution2025-03-10 | 3 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Property Mortgage Loan: A Smart Financing Option for Businesses2025-03-10 | 3 min

tax Tax
[N][T][T][N][T]
5 Tax Savings and Other Advantages You Can Get When You Apply for Home Loans2024-02-14 | 6 min

tax Tax
[N][T][T][N][T]
Income Tax Structure in New Regime: New Tax Exemption Limit 20252024-05-08 | 4 min

tax Tax
[N][T][T][N][T]
10 Useful Income Tax Deductions for FY 2022-232024-02-21 | 6 min

home+loan Home Loan
[N][T][T][N][T]
Complete Guide to Securing a Attractive Interest on Home Loans2024-01-23 | 3 min

home+loan Home Loan
[N][T][T][N][T]
What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min

[N][T][T][N][T]
Home Loan Overdraft Facility: Features and Benefits2025-03-19 | 3 min

[N][T][T][N][T]
Checklist of Documents Required for Home Loan2024-02-07 | 5 min

home+loan Home Loan
[N][T][T][N][T]
What are AMC Charges?2025-03-21 | 2 min

home+loan Home Loan
[N][T][T][N][T]
How to Change Your Home Loan E-Mandate on the BHFL Customer Portal2025-03-21 | 3 min

home+loan Home Loan
[N][T][T][N][T]
BBMP: Full Form, History, and Role in Bangalore’s Governance2025-03-20 | 2 min

[N][T][T][N][T]
Mutation of Property: Meaning, Process, and Importance2025-03-20 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Floor Space Index (FSI): Meaning, Calculation, and its Importance in Real Estate2025-03-20 | 2 min

cibil Cibil
[N][T][T][N][T]
How to Increase Your CIBIL Score Above 800: 7 Proven Methods2023-01-24 | 4 min

home+loan Home Loan
[N][T][T][N][T]
Ways to Check RERA Registration Status of Real Estate Projects2025-03-20 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Meebhoomi: A Comprehensive Guide to Andhra Pradesh Land Records2025-03-20 | 3 min

home+loan Home Loan
[N][T][T][N][T]
What is Margin Money in Home Loans? Everything You Need to Know2025-03-20 | 3 min

home+loan Home Loan
[N][T][T][N][T]
IGR Odisha: A Guide to Online Property Services and Registration2025-03-20 | 3 min

[N][T][T][N][T]
Relinquishment Deed: Meaning, Format, and Documents Required2025-03-19 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Essential Tips for First-Time Homebuyers in India2025-03-14 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Buying a Home: Understanding the 'No EMI till Possession' Scheme2025-03-19 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Everything You Need to Know About a Co-Applicant in a Home Loan and Tax Benefits2025-03-14 | 2 min

home+loan Home Loan
[N][T][T][N][T]
What is the Ideal Age to Buy a House?2025-03-19 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Home Loan Documents Required for Salaried Persons: A Complete Guide2025-03-19 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How Your Bank Account Statement Affects Your Home Loan Eligibility2025-03-19 | 4 min

home+loan Home Loan
[N][T][T][N][T]
Home Loan for Rs.70,000 Salary: How Much Can You Borrow?2025-03-18 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Home Loans for Salaried Employees: Eligibility, Documents, and Application Process2025-03-18 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Home Loan for Self-Employed: Three Steps to Improve Your Approval Chances2025-03-12 | 5 min

[N][T][T][N][T]
NRI vs. Indian Resident Home Loans2025-03-13 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Home Construction Loan Application Guide2025-03-18 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How to Apply for a Home Loan with a Low Salary2025-03-18 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Understanding Property Valuation for Home Loans in India2025-03-13 | 2 min

home+loan Home Loan
[N][T][T][N][T]
How to Check Your CIBIL Score Online for Free and Improve Your CIBIL Score2025-03-17 | 5 min

[N][T][T][N][T]
Top Cities in India to Buy a Home2025-03-14 | 3 min

[N][T][T][N][T]
What are Tranche Disbursement and Tranche EMI in Home Loans?2025-03-14 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Himbhoomi: A Comprehensive Guide to HP Land Records2025-03-13 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Understanding Home Loan Settlement: What You Need to Know2025-03-13 | 2 min

loan+against+property Loan Against Property
[N][T][T][N][T]
Understanding GWMC Property Tax: Payment Methods, Calculation, and Benefits2025-03-13 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Guide to Form 26QB: Download, Fill, and File TDS on Property Sale2025-03-13 | 3 min

[N][T][T][N][T]
Home Loan for Pensioners: Eligibility and Benefits2025-03-11 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Franking vs. Stamping: Meaning, Differences, and Benefits2025-03-12 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Understanding the Roles of Co-borrower, Co-signer, and Co-owner in Home Loans2025-03-11 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Understanding ECS in Banking: Full Form, Benefits, and Working Process2025-03-11 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min

[N][T][T][N][T]
AnyROR Gujarat and the e-Dhara Land Record Systems2025-02-26 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Commencement Certificate: Meaning, Role, Requirement and Importance2025-03-06 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Understanding Conveyance Deed: Meaning, Types, Purpose, and Key Differences2025-03-06 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Simplified Conversion: From Square Inches to Square Feet2025-03-06 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How to Calculate Your Home Loan Eligibility2025-03-05 | 3 min

home+loan Home Loan
[N][T][T][N][T]
House Rent Allowance Under Section 10(13A) of the Income Tax Act2025-03-05 | 3 min

loan+against+property Loan Against Property
[N][T][T][N][T]
How to Apply for a Mortgage Loan?2025-03-05 | 3 min

home+loan Home Loan
[N][T][T][N][T]
How to Top Up your Home Loan2025-03-04 | 3 min

home+loan Home Loan
[N][T][T][N][T]
BanglarBhumi West Bengal Land Records2025-03-04 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Know About CTS Number When Buying a Property in Mumbai2025-03-04 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Home Loan for Self-Employed Individuals2025-03-03 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Tips to Secure Quick Home Loan Approval2025-03-03 | 2 min

home+loan Home Loan
[N][T][T][N][T]
How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min

home+loan Home Loan
[N][T][T][N][T]
Monthly Reducing Balance Method for Home Loan Interest2025-02-25 | 3 min

home+loan Home Loan
[N][T][T][N][T]
Understanding RERA in Real Estate: Meaning, Full Form, and Benefits2025-02-16 | 2 min

home+loan Home Loan
[N][T][T][N][T]
Understanding Token Money: Its Importance and Key Considerations2025-01-16 | 2 min

home+loan Home Loan
[N][T][T][N][T]
A Detailed Overview of ‘A Khata’, ‘B Khata’ Certificates: Meaning, Differences, & Conversion Process