Joint Home Loan: What is Joint Home Loan, how can you apply, know what are the advantages and disadvantages

If your home loan is not getting confirmed, then you can take joint home loan facility with your family member.

Joint Home Loan Interest Rate:

 If you are planning to buy a house, and you also need to take a home loan. Due to some reason your credit score is not correct according to the bank, then it becomes difficult to get your loan. It is very important to have a good credit score for the loan. If you are not able to fulfill the eligibility criteria of the bank. Then you have a great option of a joint home loan. Through this you can increase your borrowing capacity. However it also has some advantages and disadvantages.

You can apply like this

if you can take a Joint Home Loan with your family members or parents, spouse, male children or brothers living together. It is not mandatory for the co-borrower to be a co-owner in the property.

 this is the advantage

• In joint home loan, you can take more loan from banks. It is important that both the people fulfill the basic eligibility criteria of the bank. 
• There can be many reasons for failing to take loan from any bank or financial institution. In this you can have a bad credit score, insufficient income as the main reason. 
• One can avail tax deduction benefits under section-24 and section-80C within the prescribed limit in joint home loan. 
• Joint loan borrowers can avail tax benefits of Rs 1.5 lakh and Rs 2 lakh.
• According to the Income Tax Act, you can get a total benefit of Rs 7 lakh.

this is the loss

• All financial products can have some advantages and disadvantages. Similarly, joint home loans also have some drawbacks.
• If one co-brother fails to repay the home loan EMIs on time, the credit scores of both the borrowers get affected.
• If there is any dispute between the co-borrowers, then both of them may have to bear the consequences.
• If one borrower does not pay the EMI, it will be a loss for both.
• If the loan is taken by the husband and wife together. If there is a divorce after this, then there may be a legal dispute which may take a long time to resolve.