{"id":1994,"date":"2023-08-28T13:04:59","date_gmt":"2023-08-28T13:04:59","guid":{"rendered":"\/blog\/?p=1994"},"modified":"2024-07-02T19:42:59","modified_gmt":"2024-07-02T14:12:59","slug":"what-are-joint-home-loans-eligibility-and-documents-required-for-it","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/what-are-joint-home-loans-eligibility-and-documents-required-for-it\/","title":{"rendered":"What are Joint Home Loans? Eligibility and Documents Required for It"},"content":{"rendered":"\n<p>Buying a home is a huge financial investment that most of us need support for. While a home loan is always a good option, your financial position can sometimes take a hit with repayment. In such cases, it often makes more sense to take out a joint home loan instead of a regular one. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Know More<\/a><\/div>\n\n\n\n<p>With a joint home loan, you can share the burden of the loan with a co-borrower such as your spouse, family member, or a friend, making it easier to repay the loan. More than two applicants can also take out a joint housing loan together and share the responsibility of repayment.<\/p>\n\n\n\n<p><strong>Why Should I Take Out a\nJoint Home Loan?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A joint\nhome loan has multiple benefits that a regular home loan does not provide,\nmostly related to income and tax benefits<\/li>\n\n\n\n<li>The joint\nincome of all co-applicants is considered when calculating the tenure and\namount of the loan<\/li>\n\n\n\n<li>A joint\nhome loan comes with increased eligibility and a greater budget, which can be\nused to buy a bigger house or one in a better location than an individual can\nafford on their own<\/li>\n\n\n\n<li>The\nrepayment of the loan is shared between all co-borrower. It can be made either\njointly or individually according to one\u2019s convenience<\/li>\n\n\n\n<li>If all\nco-applicants are co-owners of the property, tax benefits can be enjoyed by all\nof them separately, including:\n<ul class=\"wp-block-list\">\n<li>Tax\ndeduction on principal repayments (up to Rs. 1.5 lakhs) under Section 80 C of\nthe Income Tax Act<\/li>\n\n\n\n<li>Deduction\non interest payments under Section 24, up to Rs. 2 lakhs if the home is\nself-occupied, or without limits if it is rented out<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>Am I Eligible?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your\nco-borrowers can include your parents, spouse, or siblings. Joint home loans\nare generally not offered to strangers or people who are not family. In some\ncases, a lender will accept a friend as a co-borrower<\/li>\n\n\n\n<li>All\nco-borrowers must have a source of income, i.e. they must be either salaried or\nself-employed<\/li>\n\n\n\n<li>A maximum\nof 6 persons can apply for one joint loan<\/li>\n\n\n\n<li>In many\ncases, co-borrowers are also required to be co-owners of the house unless the\nco-borrowers are married<\/li>\n\n\n\n<li>The term of\nthe loan is restricted to the retirement age of the oldest applicant<\/li>\n<\/ul>\n\n\n\n<p><strong>What Documents Do I Need?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Identity\nproof, such as Aadhar card, PAN card, etc.<\/li>\n\n\n\n<li>Address\nproof, such as Aadhar card, rent agreement, etc.<\/li>\n\n\n\n<li>Income\nproof, such as bank statements and salary slips<\/li>\n\n\n\n<li>Proof of\nco-ownership (if required)<\/li>\n\n\n\n<li>Property\ndocuments<\/li>\n<\/ul>\n\n\n\n<p>Additionally, all co-applicants are required to submit these documents for them to be considered for the joint home loan. <\/p>\n\n\n\n<p>With Tata Capital, both regular and joint home loans are hassle-free. Tata Capital housing finance offers the most flexible <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/home-loan-eligibility-calculator.html\" target=\"_blank\" rel=\"noreferrer noopener\">home loan eligibility <\/a>criteria and repayment methods. Our <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rates-and-charges.html\" target=\"_blank\" rel=\"noreferrer noopener\">home loan interest rates<\/a> start at just 9.25% with a loan amount as high as Rs. 5 crore. With a Tata Capital housing loan, you are never too far from owning the house of your dream \u2013 apply for one today! <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Apply For Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Buying a home is a huge financial investment that most of us need support for. While a home loan is always a good option, your financial position can sometimes take a hit with repayment.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/what-are-joint-home-loans-eligibility-and-documents-required-for-it\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":2001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-1994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are Joint Home Loans? Eligibility Criteria and Documents required - Home Loan Blog by Tata Capital<\/title>\n<meta name=\"description\" content=\"Need to know about Joint Home Loans? 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