For those who are not able to avail a home loan due to considerably lower income, a joint home loan comes as the next best option. So, you may use the home loan eligibility calculator to know the joint home loan amount you are eligible to avail. Subsequently, apply for it with a co-borrower.
However, to successfully apply for a joint home loan, you need to meet the joint home loan eligibility criteria.
Eligibility Criteria for Joint Home Loan
The eligibility criteria for the primary applicant are different for salaried and self-employed individuals.
For a Salaried Person –
- He or she must be an Indian resident.
- He/she should be between 23 and 62 years of age.
- Must have minimum work experience of 3 years.
For a Self-Employed Person –
- Needs to be an Indian resident
- Must age between 25 and 70 years
- Should have a minimum of 5 years of experience in the current business
Furthermore, you also need to see whether the person you plan to apply with is eligible or not.
Joint Home Loan – Eligibility of co-Borrower
A home loan eligibility calculator will help arrive at the eligible loan amount you can avail by way of a joint home loan only after factoring in the total income of all co-applicants. Know who all you can apply with for a joint home loan.
i. With Your Parents
Apply for a joint home loan with one or both of your parents.
ii. With Your Spouse
If both you and your spouse are working, you may co-apply for a joint home loan to get a higher amount.
iii. With Siblings
If you want to co-own a house with your brothers and sisters, you can apply for the loan with them.
iv. With Son
You can co-apply for a joint home loan with your sons who can be the joint property owners.
v. With Unmarried Daughter
A daughter or daughters who are unmarried and have primary rights to own the property are also eligible to become co-borrowers.
Lenders like Bajaj Finserv also facilitate availing a joint home loan with friends. So, calculate your eligibility for the loan amount with a Home Loan eligibility calculator, stay ready with the Home Loan documents required and apply for this loan.
Now, also check the benefits of availing a joint home loan.
Advantages of Availing Joint Home Loan –
1. Increased Eligibility
When sanctioning a joint home loan, a lending institution takes into consideration the earning capacity of all the co-applicants. It, in turn, increases the eligibility to avail a higher loan amount.
You may check this by using a home loan eligibility calculator by entering the combined incomes of all co-applicants.
2. Income Tax Benefit
All co-borrowers become eligible for income tax benefits only if they are joint owners of the property.
Every co-applicant can avail tax benefits of up to Rs. 2 Lakh under Section 24 of the Income Tax Act towards interest payments per year. Also, Sec 80C allows income tax exemptions of up to Rs. 1.5 Lakh towards principal repayments per year.
3. Shared Burden of Repayment
Co-borrowing the home loan also helps share the burden of repayment as the payable amount is divided between all of them.
4. Stamp Duty Benefits to Women
Some Indian states also offer partial waiver of stamp duty to women when purchasing a house through a joint home loan.
Apply for a joint home loan and make the most of all these benefits it brings along. Don not forget to check all the home loan eligibility criteria before applying.
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