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Joint Home Loan

Owning a home has become easier with the availability of home loans offered by various banks and financial institutions at attractive and affordable interest rates. The real problem lies in choosing the right options that will ensure that you avail a home loan that is best suited to your needs.

The right home loan scheme helps to increase your savings and reduce the burden of debt.

We found 31 Home Loans

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Bank

Interest Rate

6.5%20%
  • Interest Rate range:

    6.5% - 20%

Balance Transfer

LIC HFL HOME LOAN

  • LIC HFL Home Loan

    Loan Amount

    :  

    ₹30L -₹5Cr

    Floating

    :  

    8.40% - 8.50%

    Tenure

    :  

    5 - 30 Years

    Processing Fee

    :  

    Up to 0.25%(Max ₹ 25,000)

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Balance Transfer

KARNATAKA BANK HOME LOAN

  • Karnataka Bank Home Loan

    Loan Amount

    :  

    ₹20L -₹5Cr

    Floating

    :  

    8.75%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50% - 2.00%

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Balance Transfer

HDFC LTD. HOME LOAN

  • HDFC Ltd. Home Loan

    Loan Amount

    :  

    ₹5L -₹10Cr

    Floating

    :  

    8.60%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    ₹ 3,000 - ₹ 5,000

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Balance Transfer

INDIABULLS HOME LOAN

  • Indiabulls Home Loan

    Loan Amount

    :  

    ₹2L -₹3Cr

    Floating

    :  

    8.99% - 9.75%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    Up to 1.00%

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Balance Transfer

SUNDARAM BNP PARIBAS HOME FINANCE LIMITED HOME LOAN

  • Sundaram Home Finance Limited Home Loan

    Loan Amount

    :  

    ₹12L -₹5Cr

    Floating

    :  

    6.95% - 8.30%

    Tenure

    :  

    1 - 20 Years

    Processing Fee

    :  

    0.50%

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Balance Transfer

AXIS BANK HOME LOAN

  • Axis Bank Home Loan

    Loan Amount

    :  

    ₹5L -₹10Cr

    Fixed

    :  

    9.00%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%(Min ₹ 10,000)

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Balance Transfer

DBS HOME LOAN

  • DBS Home Loan

    Loan Amount

    :  

    ₹50L -₹5Cr

    Floating

    :  

    10.20%

    Tenure

    :  

    1 - 25 Years

    Processing Fee

    :  

    ₹ 10,000

Enquire
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Balance Transfer

ADITYA BIRLA CAPITAL HOME LOAN

  • Aditya Birla Capital Home Loan

    Loan Amount

    :  

    ₹20L -₹10Cr

    Floating

    :  

    8.85% - 16.50%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    Up to 1.00%

Enquire
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Balance Transfer

UNION BANK OF INDIA HOME LOAN

  • Union Bank Of India Home Loan

    Loan Amount

    :  

    ₹25L onwards

    Floating

    :  

    8.70%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    Up to 0.50%(Max ₹ 15,000)

Enquire
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Balance Transfer

FEDERAL HOME LOAN

  • Federal Home Loan

    Loan Amount

    :  

    Up to ₹15Cr

    Floating

    :  

    8.80%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%(Max ₹ 7,500)

Enquire
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Balance Transfer

STATE BANK OF INDIA HOME LOAN

  • State Bank of India Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    8.40%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    ₹ 2,000 - ₹ 10,000

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Balance Transfer

DHANALAKSHMI BANK HOME LOAN

  • Dhanalakshmi Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.90% - 15.00%

    Tenure

    :  

    3 - 20 Years

    Processing Fee

    :  

    1.00%(Min ₹ 10,000)

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Balance Transfer

BANK OF BARODA HOME LOAN

  • Bank Of Baroda Home Loan

    Loan Amount

    :  

    ₹1L -₹2Cr

    Floating

    :  

    8.60%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.25% - 0.50%

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Balance Transfer

BANK OF INDIA HOME LOAN

  • Bank of India Home Loan

    Loan Amount

    :  

    Up to ₹5Cr

    Floating

    :  

    8.45%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    ₹ 0

Enquire
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Balance Transfer

BANK OF MAHARASHTRA HOME LOAN

  • Bank of Maharashtra Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    8.60%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.25%

Enquire
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Balance Transfer

CANARA BANK HOME LOAN

  • Canara Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.25%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%(Max ₹ 10,000)

Enquire
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Balance Transfer

IDBI BANK HOME LOAN

  • IDBI Bank Home Loan

    Loan Amount

    :  

    ₹5L -₹10Cr

    Floating

    :  

    8.65%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%

Enquire
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Balance Transfer

INDIAN OVERSEAS BANK HOME LOAN

  • Indian Overseas Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.55%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%

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Balance Transfer

KARUR VYSYA BANK HOME LOAN

  • Karur Vysya Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    6.50%

    Tenure

    :  

    1 - 25 Years

    Processing Fee

    :  

    ₹ 2,500 - ₹ 7,500

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Balance Transfer

SOUTH INDIAN BANK HOME LOAN

  • South Indian Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.85%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%(Max ₹ 10,000)

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Balance Transfer

TAMILNAD MERCANTILE BANK HOME LOAN

  • Tamilnad Mercantile Bank Home Loan

    Loan Amount

    :  

    Up to ₹5Cr

    Floating

    :  

    9.45%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    2.00%(Max ₹ 15,000)

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Balance Transfer

CENTRAL BANK OF INDIA HOME LOAN

  • Central Bank of India Home Loan

    Loan Amount

    :  

    ₹20L -₹75L

    Floating

    :  

    8.35% - 9.35%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    1.00%(Min ₹ 10,000)

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Balance Transfer

INDIA SHELTER FINANCE CORPORATION HOME LOAN

  • India Shelter Finance Corporation Home Loan

    Loan Amount

    :  

    Up to ₹20L

    Fixed

    :  

    13.00% - 20.00%

    Tenure

    :  

    Up to 20 Years

    Processing Fee

    :  

    Up to 3.00%

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Balance Transfer

AAVAS FINANCIERS LIMITED HOME LOAN

  • Aavas Financiers Limited Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.50%

    Tenure

    :  

    1 - 15 Years

    Processing Fee

    :  

    2.00%

Enquire
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Balance Transfer

RELIANCE HOME FINANCE LIMITED HOME LOAN

  • Reliance Home Finance Limited Home Loan

    Loan Amount

    :  

    -

    Fixed

    :  

    9.75% - 13.00%

    Tenure

    :  

    Up to 30 Years

    Processing Fee

    :  

Enquire
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Balance Transfer

TATA CAPITAL LIMITED HOME LOAN

  • Tata Capital Limited Home Loan

    Loan Amount

    :  

    Up to ₹3Cr

    Floating

    :  

    8.70%

    Tenure

    :  

    Up to 30 Years

    Processing Fee

    :  

    2.00%

Enquire
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Balance Transfer

YES BANK HOME LOAN

  • Yes Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.40% - 10.25%

    Tenure

    :  

    1 - 25 Years

    Processing Fee

    :  

    Up to 2.00%

Enquire
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Balance Transfer

JAMMU AND KASHMIR BANK HOME LOAN

  • Jammu And Kashmir Bank Home Loan

    Loan Amount

    :  

    Up to ₹50L

    Floating

    :  

    8.75%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    2.00% - 3.00%

Enquire
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IDFC HOME LOAN

  • IDFC Home Loan

    Loan Amount

    :  

    ₹30L onwards

    Floating

    :  

    8.00% - 14.00%

    Tenure

    :  

    5 - 30 Years

    Processing Fee

    :  

    ₹ 10,000

Enquire
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Balance Transfer

KOTAK MAHINDRA BANK HOME LOAN

  • Kotak Mahindra Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    8.75%

    Tenure

    :  

    1 - 20 Years

    Processing Fee

    :  

    ₹ 10,000

Enquire
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Balance Transfer

PNB HOUSING HOME LOAN

  • PNB Housing Home Loan

    Loan Amount

    :  

    ₹8L onwards

    Floating

    :  

    8.75% - 10.90%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    Up to 0.25%(Max ₹ 15,000)

Apply Now
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What is a Joint Home Loan?

A joint home loan is a housing loan which is taken by more than one person and repaid with equal financial responsibility. The co-applicants for the joint home loan can be family members, including spouses, parents, siblings and/or offspring.

You can take a home loan in joint names if you wish to avail a higher loan amount. Your chances of home loan approval is higher than loans applied for in individual capacity. The income tax exemptions are also a major highlight that comes with applying for a joint home loan and the tax savings are exponentially higher than in the case of a single-name loan.

Benefits of taking a Joint Home Loan:

  1. When you take a home loan jointly with your wife, mother, daughter or sister, and the property is owned by her either individually or jointly, some states offer a lower fee for property registration.
  2. The repayment of EMI for a joint loan has to be made from a joint account owned by the co-applicants. This makes it easier to track the contributions as well as enable ease of repayment.
  3. Succession and other legal issues are reduced if the husband and wife jointly owns a property.
  4. In a joint home loan, since the bank combines incomes of the applicants involved, a proportionately higher loan amount of loan will be sanctioned to them. Banks will be ready to offer you higher loan amounts if you opt for a joint home loan. This is because of the higher repayment capacity as there is more than one person who can repay this loan. The ratio of increase in loan quantum depends on the income of co-applicant(s) as well as the reputation of the organization where he/she is employed.
  5. Equal liability for repayment: if one of the applicants is unable to pay the amount due on the loan due to unforeseen situations, the Bank nor the customer has to fear about defaulting on loan payment since there is another equally responsible borrower who can pay the EMI. The obligation of paying the equated monthly installments moves on to the other co-applicant.
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Advantages of Joint Home Loan in India:

As a borrower, the biggest loan you might ever take in your lifetime would be the housing loan. Because of booming real estate prices, a simple 2BHK house in an urban locality costs no less than Rs.25 lakh these days. The bigger the city, the costlier it's housing. For example, a residential flat in Bengaluru could cost up to Rs.2 crore.

Naturally you will end up taking a huge loan to buy your dream house. You may have savings to invest in the house - but it is unlikely that you'd have anything more than half of the property's price. But what would you do if the bank rejects your loan application claiming that your current salary is insufficient? This is where you should be thinking of taking a joint home loan.

Why Take a Joint Home Loan?

There are 2 advantages in taking a joint housing finance. They are:

  • Higher loan amounts: Let's say you wish to buy a house costing Rs. 1 crore, for which you need a loan of Rs. 75 lakh. The EMI of this loan could be around Rs. 64,000 per month for a tenure of 30 years. But your monthly salary is Rs. 60,000, which is way below the EMI amount. So if you apply for a home loan, your application is sure to be rejected. In such a situation, having a co-applicant can boost your chances of getting the loan. If you apply with your husband whose monthly income is Rs. 70,000, then your joint income will be acceptable to the bank.
  • Greater tax benefits: Housing finance for self-occupied property comes with double benefits - tax break on repayment of principal amount under Section 80C and deductions on interest payment under Section 24 of the Income Tax Act. Usually, under Section 80C you can claim up to Rs. 1.5 lakh as tax deduction, and under Section 24, you can save taxes up to Rs. 2 lakh. What many people are not aware of is that in a joint home loan, both the borrowers can avail tax breaks individually. So on a loan that would usually give a total tax break of Rs. 3.5 lakh, joint applicants can claim a total tax deduction of Rs. 7 lakh - Rs. 1.5 lakh each under Section 80C and Rs. 2 lakh each under Section 24.

Conditions for Joint Home Loan:

Here are some points you must know before you decide on a joint housing loan:

  1. You cannot take a joint housing loan with any random person, or even a business partner. Only close relatives - spouse, parents, siblings or children - can be co-borrowers in a housing finance scheme.
  2. You can have a maximum of 6 applicants and a minimum of 2 applicants in a joint home loan. However, the number of co-borrowers depends on the bank's discretion.
  3. To get the benefit of higher loan amounts and tax breaks, your co-applicant needs to be an earner too. The co-borrower could be salaried or self-employed, engaged in business or a profession. If you decide to make your homemaker mother the joint applicant, then neither of the above uses will be available to you.
  4. To avail the benefits of tax breaks, your joint applicant also needs to be a co-owner of the house. The tax breaks will be made available based on the ratio of ownership - 50:50, 75:25, etc. - which has to be confirmed by the lending bank in a certificate showing the distribution of the principal and interest for the EMI paid. So if your spouse has a higher income, it would be better to have a higher percentage of the loan amount and interest in her/his name so that s/he can get higher tax deductions.
  5. The tax breaks will be available only after the construction of the residence is complete. So if you are buying an under-construction property, you will not be able to claim the tax benefits until you start living in the house.
  6. Joint owners can also claim stamp duty and registration charges of a property.
  7. Each co-applicant has to fill in a separate application form and provide individual documents for the same loan.
  8. Repayment for a joint housing finance plan can be done either through a joint account of the co-borrowers, or by splitting the EMI equally or proportionally among them. You can opt for cheque or electronic clearance/standing instruction to your bank, as per your convenience.
  9. A dispute in ownership or repayment of loan can affect both the applicants, even if only one of them is at fault.
  10. It would be wiser for each applicant to take separate life insurance policies in order to cover the loan burden in case either of the borrowers dies.

Unless you completely distrust all your close relatives, there is no reason for you to not consider taking a joint home loan. It gives you a higher eligibility for the finance scheme and allows you to claim more tax deductions. None of the other loans give you so much benefits!

Eligibility and Documentation for Joint Home Loans:

The eligibility criteria required to avail a joint home loan are given below:

  1. The applicant must be a resident of India.
  2. The applicant must be aged between 23 years and 70 years.
  3. Salaried individuals must have a work experience of 3 years and more and self-employed should be an active business owner for at least 5 years.
  4. Cibil Score must be 750 and above.

The documents you will need to submit in order to avail a joint home loan are:

  1. Permanent Account Number (PAN)
  2. Income proof
  3. Address proof
  4. Property documents
  5. And bank statements.
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Tax Benefits on Joint Home Loan:

One of the highlights of taking a home loan is that it aids you in making tax savings, when you invest in a fixed asset. This would ultimately reduce the overall cost of loan considerably. Under Section 80C and Section 24 of the Income Tax regulations, those who avail home loan are eligible to get tax rebates. In order to claim the tax benefits on property, one must fulfill conditions such as - The individual/co-applicant must be a co-owner in the property as well as the co-borrower stated in the loan application to be eligible. Tax benefits are divided between the co-applicants in a joint loan and the division takes place in proportion to the manner in which the property is owned by each co-applicant.

There are two types of tax benefits available to the borrowers upon repayment of their housing loan. These are:

  1. Borrowers are eligible for a tax deduction of up to Rs. 2 lakh per annum on interest paid on home loan, under Sec 24.
  2. Tax deduction on amount paid as Principal amount repayment is eligible for deduction under Sec 80C. A loan repayment amount of up to Rs. 1.50 lakh is considered for the deduction.

Tax Benefits for joint home loan are -

  1. The co-owner of the property who is the co-applicant in the loan as well, can claim a tax deduction in their IT Returns, for an amount of up to Rs. 2 lakh as interest on the home loan. However, the property should be the only property owned and it should be self-occupied or vacant. For a property offered on rent, the whole interest can be claimed as a deduction.
  2. Under section 80C, the co-owners can claim a tax deduction within the limit of Rs. 1.5 lakh, towards principal repayment.

One important feature of the tax redemption that can be availed is that, tax benefit of deduction on home loan interest as well as principal repayment can be claimed only once construction of the property is completed. If the property is still under construction, the benefits are not applicable.

Loan Tenure

Determination of loan tenure is dependent on a few factors as explained below:

  1. If the borrowers or co-applicants are a married couple, the tenure of the loan can be as high as at least 20 years, restricted to the retirement age of the older applicant.
  2. The maximum tenure of loan provided for taking joint home loans with co-applicants who are parents, siblings or children, is up to 10 years.
  3. Additionally, if parents are the co-applicants and their income is considered for repayment, the maximum term will be subject to the retirement age of the oldest applicant. Hence, the term will be shorter than in the case of taking a loan with your wife, siblings or offspring.

Repayment process

As discussed, joint home loan repayment is the collective responsibility of both the borrower and the co-borrower. But, any one of them can pay the monthly home loan EMIs or they can create a joint account to enable convenient and consistent repayment. The borrowers have the sole responsibility and freedom to decide the best option which would be feasible for them.

Joint home loans are definitely an option worth considering since it has several benefits when compared to a regular home loan. If you are looking for a home loan, it is better to plan a joint home loan with your family members. However, EMIs are to be paid as scheduled by either one of the borrowers since any delay or default in EMIs can lead to legal action against the borrower as well as co-borrower. The risks and benefits are shared equally.

FAQs on Joint Home Loan

  • What requirements exist for a shared house loan?

    You are not allowed to take out a combined home loan with just anybody, not even business associates. In a house finance arrangement, co-borrowers may only be spouses, parents, siblings, or children, or other close relatives. For a shared home loan, there can be a minimum of two applicants and a maximum of six.

  • Can a couple apply for a combined mortgage?

    Sometimes just one of the two—the husband or the wife—is qualified for a loan, but even then, the loan amount might not be enough. In this instance, the husband and wife may decide to take out a joint home loan.

  • Is a joint account suitable for a mortgage?

    Because of the increased tax benefits, taking out a combined home loan is advantageous not just for buying a bigger or nicer house, but also for lowering the total cost of ownership. Furthermore, the stress of loan repayment is lessened by the division of labour in loan service.

  • Can two brothers apply for a shared mortgage?

    Few relationships listed above are eligible to apply jointly: Along with their parents, a son and an unmarried daughter may apply for a joint home loan. A married couple may apply jointly. Brothers may apply for a home loan jointly, however sister-sister or brother-sister pairs are not permitted.

  • With a combined house loan, who pays the EMI?

    You and your co-applicant share the repayment responsibility for a shared home loan. Therefore, EMIs have less of an impact on your individual salaries. You can pay greater interest rates over a shorter loan term if two people are contributing to the repayment of the loan.

  • Does a shared home loan require a marriage certificate?

    Joint owners may deduct interest on a house loan that they are repaying from their income under Section 24(b). Does a shared home loan require a marriage certificate? Since anyone can apply for a joint home loan, a marriage certificate is necessary.

  • Is credit score impacted by shared loans?

    What effects does this have on your credit score? Should your co-applicant fail to make payments, you will be responsible for the full amount. Your credit score will also be lowered if your co-applicant fails to make payments on time or delays them. Your credit history will also be impacted by your co-applicant's reckless activity.

  • Can a mother and daughter jointly purchase a home?

    If the property is registered in the name of only one applicant and the income of the other co-application is not considered when determining eligibility for a house loan, the mother and daughter may apply for a joint mortgage.

Home Loans by Banks
  1. SBI Home Loan
  2. Axis Home Loan
  3. HDFC Home Loan
  4. Canara Home Loan
  5. PNB Home Loan
  6. IDBI Home Loan
  7. Kotak Home Loan
  8. IOB Home Loan
  9. YES Bank Home Loan
Home Loans by NBFC
  1. LIC Home Loan
  2. Piramal Home Loan
  3. Indiabulls Home Loan
  4. TataCap Home Loan
  5. PNB Housing Finance Home Loan
  6. Shriram Housing Finance Home Loan
  7. Aadhar Housing Finance Home Loan
  8. Bandhan Bank Home Loan
Calculator
  1. Home Loan EMI Calculator
  2. Home Loan Eligibility Calculator
  3. Home Loan Balance Transfer Calculator
  4. Home Loan Prepayment Calculator
  5. Home Loan Repayment Calculator
  6. Land Conversion Calculator
  7. Home Loan Affordability Calculator
  8. PMAY Subsidy Calculator
Home Loan Articles
  1. Top Housing Finance Companies In India
  2. Types of Bank Loans In India
  3. What is Home Loan Process
  4. What is Home Loan Provisional Certificate
  5. What is Benami Property
  6. What is Commercial Property Loan
  7. Partition Deed of Ancestral Property
  8. Reasons For Home Loan Rejection
Home Loan Resources
  1. Home Loan Interest Rate
  2. Repo Rates
  3. MCLR Rates
  4. Home Loan Processing Fee
  5. Home Loan Documents Required
  6. Compare Plot Loan
  7. Home Loan Tax Benefits
  8. Home Renovation Loan
Schemes and Acts
  1. Pradhan Mantri Awas Yojana
  2. PMAY Gramin
  3. PMAY Urban
  4. RERA Act
  5. Stamp Duty Charges
  6. Encumbrance Certificate
  7. DDA Housing Scheme
  8. Land Records
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