Merits & De-merits of a Joint Home Loan

Co-Applicant's Role in a Joint Home Loan

• Should be connected with borrower by blood, marriage or adoption

• Should be 18+ years old & have a steady income

• Should have strong credit history

• Shouldn’t have any outstanding debt

• Should be an Indian Citizen or Person of Indian Origin (PIO)

• Should not have any property in their name already

Merits of a Joint Home Loan

• Can get higher loan amount

• Repayment capacity is strengthened

• Can opt for a better space

• Can avail tax benefits

• Can get special interest rates for female co-borrowers

De-merits of a Joint Home Loan

• Can face repayment issues

• Difficulty in repayment after separation/divorce

• Difficulty in repayment after co- borrower's death