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Tata Capital > Blog > Loan for Home > What are Joint Home Loans? Eligibility and Documents Required for It

Loan for Home

What are Joint Home Loans? Eligibility and Documents Required for It

What are Joint Home Loans? Eligibility and Documents Required for It

Buying a home is a huge financial investment that most of us need support for. While a home loan is always a good option, your financial position can sometimes take a hit with repayment. In such cases, it often makes more sense to take out a joint home loan instead of a regular one.

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With a joint home loan, you can share the burden of the loan with a co-borrower such as your spouse, family member, or a friend, making it easier to repay the loan. More than two applicants can also take out a joint housing loan together and share the responsibility of repayment.

Why Should I Take Out a Joint Home Loan?

  • A joint home loan has multiple benefits that a regular home loan does not provide, mostly related to income and tax benefits
  • The joint income of all co-applicants is considered when calculating the tenure and amount of the loan
  • A joint home loan comes with increased eligibility and a greater budget, which can be used to buy a bigger house or one in a better location than an individual can afford on their own
  • The repayment of the loan is shared between all co-borrower. It can be made either jointly or individually according to one’s convenience
  • If all co-applicants are co-owners of the property, tax benefits can be enjoyed by all of them separately, including:
    • Tax deduction on principal repayments (up to Rs. 1.5 lakhs) under Section 80 C of the Income Tax Act
    • Deduction on interest payments under Section 24, up to Rs. 2 lakhs if the home is self-occupied, or without limits if it is rented out

Am I Eligible?

  • Your co-borrowers can include your parents, spouse, or siblings. Joint home loans are generally not offered to strangers or people who are not family. In some cases, a lender will accept a friend as a co-borrower
  • All co-borrowers must have a source of income, i.e. they must be either salaried or self-employed
  • A maximum of 6 persons can apply for one joint loan
  • In many cases, co-borrowers are also required to be co-owners of the house unless the co-borrowers are married
  • The term of the loan is restricted to the retirement age of the oldest applicant

What Documents Do I Need?

  • Identity proof, such as Aadhar card, PAN card, etc.
  • Address proof, such as Aadhar card, rent agreement, etc.
  • Income proof, such as bank statements and salary slips
  • Proof of co-ownership (if required)
  • Property documents

Additionally, all co-applicants are required to submit these documents for them to be considered for the joint home loan.

With Tata Capital, both regular and joint home loans are hassle-free. Tata Capital housing finance offers the most flexible home loan eligibility criteria and repayment methods. Our home loan interest rates start at just 9.25% with a loan amount as high as Rs. 5 crore. With a Tata Capital housing loan, you are never too far from owning the house of your dream – apply for one today!

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