Do you want to buy a house through a home loan but your income does not justify you to get one? Joint home loan is an option which you can take with your spouse or any other family member. By clubbing the income of your spouse with yours, you can enhance your home loan eligibility and moreover there would be greater resources to buy a house that may fall out of reach with your single income.
A joint home loan may be the best option when both you and your spouse is earning and come under the income tax slab because it would help you to get maximum benefit on your tax savings as well. A joint home loan makes the co-borrowers eligible to claim exemptions on both the principal amount and interest payable. It serves a dual purpose of minimizing the debt burden and maximizing the tax benefits.
However there are some basic rules for getting a joint home loan. A joint home loan can only be availed by minimum 2 and maximum 6 applicants. Besides, one cannot take a joint home loan with any person. The lender defines the relationship between the co-borrowers eligible to take such a loan. In majority of the cases it is allowed to a husband and wife or parent and child. Friends are not permitted to take a joint home loan. Banks however insist that, co-owners must be co-borrowers for the home loan but it is not necessary that all the co-borrowers must be the co-owners of the house.