Benefits and Eligibility Criteria of Joint Home Loan

A home loan is a serious decision to make. Instead of acquiring this responsibility on your sole shoulders, you can opt for a joint loan option.

Before purchasing, check out the home loan eligibility calculator online to know more on your eligibility.

Joint Home Loan Benefits Are Quite a Few:
  • If you're on low on funds but in need of a loan, don't worry about repayment as it is a co-share loan policy.
  • There is an advantage of partial stamp waiver for women in certain states.
  • For Joint loans, both your and the co-owners yearly incomes are in consideration. This further increases your chances of acquiring a higher loan amount. 

Now, what is the joint home eligibility? Let's find out:

1. If you're both salaried individuals:
- Both of your ages should be between 23 to 62 years old.
- You should be of Indian origin and residence
- Your tenure at the current job should be a minimum of 3 years.

2. For Self Employed:
- Age differs between 25-70 years old
- Minimum experience in the job needs to be 5 years.

3. You can own the joint loan policy with your parents and even your son.

4. Your siblings are also eligible to be co-owners of the joint loan.

5. If your daughter is unmarried, she has the right to the joint loan as till marriage she is eligible to the property.

6. If you and your spouse are both professionals, you can be joint loan owners.

However, before you apply for the job, it is a good idea to use a home loan eligibility calculator to know the amount you will pay for the tenure.

Also Read: Avail Income Tax Benefits That Come With A Joint Home Loan

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