Purchasing your dream home is a huge financial investment. If you are funding the expenses with a loan, you can consider taking a joint home loan for couples to improve your repayment capacity.
Let us look at the pros and cons of joint loans.
What is a joint home loan?
A joint home loan for married couples is a housing loan taken jointly by a husband and wife to purchase or construct a residential property. Both spouses share the responsibility of repaying the loan, and the lender assesses their combined income while determining eligibility. This arrangement can help couples qualify for a higher loan amount, access competitive interest rates, and claim tax benefits individually, subject to ownership share and applicable tax laws.
ఇవి కూడా చదవండి –కొత్త ఇంటి కొనుగోలుదారుల కోసం హోమ్ లోన్ ఇన్సూరెన్స్ ప్రయోజనాలు
Pros of joint housing loans
#1 Rebate on interest rates and easy repayment
Most lenders offer lowered interest rates for women co-borrowers. Besides, in a joint loan, you can easily share the repayment burden with your co-applicant. So, your EMI obligations weigh less on your individual incomes.
But that’s not all! With two people repaying the loan, you can pay higher EMIs and close the loan over a shorter tenure.
#2 అధిక లోన్ మొత్తం
Taking a joint loan also means fulfilling home loan eligibility terms for a bulkier loan amount. How? In a joint loan application, you and your spouse pool your incomes together, increasing your EMI affordability and making you eligible for an extended tenure and higher budget. With a higher loan amount, you can buy a house aligning with your housing desires.
#3 పన్ను ప్రయోజనాలు
The best thing about a married couples joint home loan is that you receive tax benefits for both the principal amount and the interest paid. Why, yes! Thanks to Sections 24 and Section 80C of the Income Tax Act. And since two borrowers share the loan, you get double benefits and double savings.
But how much can you save? Section 80C enables you to claim a tax deduction of Rs. 1.5 lakhs in a financial year. Moreover, Section 24 allows you to claim an additional rebate of Rs. 2 lakhs on the interest paid.
So as a couple co-owning the property and co-borrowing the loan, you can claim Rs. 4 lakhs under Section 24 and Rs. 3 lakhs under section 80C. That’s a whopping total of Rs. 7 lakhs!
ఇవి కూడా చదవండి –హోమ్ లోన్ ప్రీపేమెంట్ అంటే ఏమిటి మరియు అది ఎలా పనిచేస్తుంది?
Cons of joint housing loans
Now that you know the advantages of joint home loans, let us look at their disadvantages.
#1 Transfer of burden
If one of the co-borrowers loses their job or faces a financial emergency, the repayment burden automatically falls upon the other partner. This can put an intense financial strain which may lead to EMI defaults. Not repaying your EMIs on time will also hurt your credit score.
#2 Death of spouse
If unfortunately, one of the spouses passes away, the burden of clearing the housing loan again falls entirely on the surviving partner.
#3 Separation
If a couple decides to part ways in the future or a co-borrower opts out of repaying the loan, the responsibility to pay the loan rests with one applicant. Inability to repay can lead to legal repercussions for both borrowers.
To avoid this, you can sign an agreement mentioning each partner’s share in loan liability beforehand.
ఇవి కూడా చదవండి – ఒక హోమ్ లోన్ రుణగ్రహీత మరణించినప్పుడు ఏమి జరుగుతుంది
Joint home loan eligibility criteria in India
For married couples planning to buy a home together, understanding the eligibility norms is essential before applying. Joint home loan eligibility for married couples is primarily evaluated based on shared financial strength, ownership structure, and individual credit profiles, as outlined below:
- Spousal relationship: Both applicants must be legally married, with proof such as a marriage certificate if required by the lender
- Co-ownership of property: Husband and wife must be co-owners of the property being financed
- Combined income consideration: The lender considers the combined income of both spouses, one of the key benefits of joint home loan applications, as it can increase the eligible loan amount
- Credit score requirement: Each spouse must meet the minimum credit score criteria set by the lender
- Age eligibility: Both applicants should fall within the lender’s specified age limits at loan maturity
- Employment stability: Salaried or self-employed spouses must show stable and verifiable income sources
- Joint repayment capacity: The loan is sanctioned based on the couple’s combined ability to repay EMIs comfortably
How to apply for a joint home loan: Step-by-step guide
Once you meet the joint home loan eligibility criteria, applying for a joint home loan is a fairly straightforward process.
Following these steps can help married couples maximise the benefits of joint home loan applications and ensure a smooth approval journey:
- Check eligibility of both spouses:
Review age, income, employment stability, and credit scores of both applicants to confirm joint home loan eligibility.
- Decide ownership share:
Finalise the property ownership ratio between husband and wife, as this impacts loan approval and tax benefits.
- Compare lenders and loan options:
Evaluate interest rates, processing fees, tenure, and repayment flexibility to make the most of the benefits of joint home loan offerings.
- Submit the joint loan application:
Fill out a single application form with details of both spouses and submit it to the chosen lender.
- Provide required documents:
Submit KYC documents, income proof, property papers, and bank statements for both applicants.
- Property verification and credit assessment:
The lender conducts legal, technical, and credit checks to assess risk and confirm eligibility.
- Loan approval and disbursal:
Once approved, the loan is sanctioned and disbursed as per the agreed terms and construction or purchase stage.
ముగింపు
Joint housing loans are pretty attractive, considering the host of benefits they offer. Whether you are applying jointly or individually, get hassle-free housing finance with Tata Capital. Get extended loan tenures and the most competitive home loan interest rates, starting at 6.90%.
Evaluate your loan eligibility and apply today!
సాధారణ ప్రశ్నలు
ఉమ్మడి ఆదాయం, వయస్సు, క్రెడిట్ స్కోర్ మరియు సహ-దరఖాస్తుదారుల రీపేమెంట్ సామర్థ్యం ఆధారంగా జాయింట్ హోమ్ లోన్ అర్హత అంచనా వేయబడుతుంది. ఉమ్మడి ఆర్థిక బలం కారణంగా అధిక లోన్ అర్హత అనేది జాయింట్ హోమ్ లోన్ అప్లికేషన్ల కీలక ప్రయోజనాల్లో ఒకటి.
అవును, రుణదాత పాలసీల ఆధారంగా తల్లిదండ్రులు, పిల్లలు లేదా తోబుట్టువులతో జాయింట్ హోమ్ లోన్లు తీసుకోవచ్చు. సహ-దరఖాస్తుదారులు అందరూ జాయింట్ హోమ్ లోన్ అర్హతా నిబంధనలను నెరవేర్చాలి మరియు ప్రాపర్టీ యొక్క సహ-యజమానులు అయి ఉండాలి.
రుణగ్రహీతలు అందరూ రీపేమెంట్ కోసం సంయుక్తంగా బాధ్యత వహిస్తారు. ఒక దరఖాస్తుదారు డిఫాల్ట్ అయితే, ఇతరులు EMIలను కవర్ చేయాలి, ఇది జాయింట్ హోమ్ లోన్ ఏర్పాట్ల ప్రయోజనాలు ఉన్నప్పటికీ క్రెడిట్ స్కోర్లను ప్రభావితం చేయగలదు.
జాయింట్ హోమ్ లోన్ అర్హత మరియు వర్తించే ఆదాయపు పన్ను పరిమితులకు లోబడి, యాజమాన్యం మరియు రీపేమెంట్ షేర్ ఆధారంగా ప్రతి సహ-యజమాని వ్యక్తిగతంగా పన్ను ప్రయోజనాలను క్లెయిమ్ చేయవచ్చు.
అవును, కొందరు రుణదాతలు కో-అప్లికెంట్ను జోడించడం ద్వారా కన్వర్షన్ను అనుమతిస్తారు, అయితే సవరించబడిన జాయింట్ హోమ్ లోన్ అర్హతా ప్రమాణాలు నెరవేర్చబడతాయి మరియు డాక్యుమెంటేషన్ అప్డేట్ చేయబడుతుంది.
జీవించి ఉన్న సహ-రుణగ్రహీత రీపేమెంట్ కోసం బాధ్యత వహిస్తారు. జాయింట్ హోమ్ లోన్ నిబద్ధతల ప్రయోజనాలను పరిరక్షించేటప్పుడు లోన్ ప్రొటెక్షన్ ఇన్సూరెన్స్ ఈ రిస్క్ను నిర్వహించడానికి సహాయపడుతుంది.
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