Joint Home Loan

Joint home loans can be taken by married couples, parent-child pairs, or siblings — depending on the lender’s terms. Some banks also allow business partners to apply together. All applicants must be co-owners of the property, meaning their names must appear on the sale deed or property documents. It’s important to check with the lender about eligibility before applying, as rules can vary slightly between banks or housing finance companies.

There is no cap on the interest deduction for rented properties. However, the loss from house property that can be adjusted against other income is restricted to Rs. 2 lakh per person per year. Any remaining loss can be carried forward to the following financial years. So, while joint home loans on rental properties offer flexibility, the benefit on tax adjustment has an annual cap against other income.

EMIs can be shared equally or in any agreed ratio, like 60:40 or 70:30. This depends on each borrower’s income and comfort. The repayment share should be clearly documented if both borrowers plan to claim tax deductions. Though a joint bank account isn’t required, it helps in maintaining transparency. Choosing the right EMI-sharing method is important to avoid any confusion during repayment and while filing taxes.

Applicants must submit identity proof, income proof, and property documents. Both borrowers should be listed as owners on the sale deed. If EMIs are not being paid equally, it’s helpful to submit a signed repayment agreement. The account used for paying EMIs should belong to one of the borrowers — preferably the main applicant. Providing clear documentation ensures quicker processing and fewer hurdles during loan approval.

Yes. When two or more people apply together, their combined income is taken into account. This increases the total loan amount they are eligible for. It is particularly useful in cities with high property prices, where a single income may not meet loan requirements. A joint home loan makes homeownership more achievable for couples and families, while also offering better repayment options and more flexibility during the loan term.

Yes. Women applicants often enjoy added benefits in joint home loans. Many states offer reduced stamp duty rates for female co-owners, lowering the overall cost of property purchase. Additionally, some lenders offer special interest rates for women borrowers. Including a woman as a co-applicant and co-owner can lead to considerable savings over time, especially when availing other benefits like tax deductions or affordable EMIs from trusted lenders like Bajaj Finserv.

Including a woman as a co-applicant and co-owner can lead to considerable savings over time, especially when availing other benefits like tax deductions or affordable EMIs from trusted lenders like Bajaj Finserv. To take advantage of these women-specific benefits and competitive rates, it makes sense to explore your home loan options immediately. Check your loan offers with Bajaj Housing Finance Home Loan to access special rates and save on your property investment. You may already be eligible, find out by entering your mobile number and OTP.

It’s not compulsory to have a joint bank account, but it’s advisable. The EMI can be paid from any bank account held by one of the borrowers, usually the main applicant. Using a shared or joint account helps maintain a clear payment record. It also simplifies tax deductions, especially if both applicants are claiming benefits. Make sure EMI payments are traceable and linked to the home loan account.

Yes. First-time buyers may qualify for extra tax deductions under Sections 80EE or 80EEA. These are above the standard deductions under 80C and 24(b). To claim them, borrowers must meet certain conditions like loan amount, property value, and loan approval date. These benefits can offer extra savings, especially when taken jointly. It’s a smart move for young couples or individuals buying a home for the first time.