A joint home loan is a home loan taken by two people. Home loan generally involve borrowing a lot of money, which requires you to have a sizeable income. Joint home loans are useful in such cases as the liability of the loan will be shared equally between you and your co-applicant. There are higher chances of loan approval, and you can avail the tax benefits on a joint home loan than on an individual home loan.
Joint Home Loan Eligibility:
• You can take a joint home loan with your:
c. Son, if he is the primary owner in case of multiple heirs
d.Daughter, if she is unmarried and the primary owner
• You must be an Indian resident.
• You must be between 25 and 62 years of age.
• The minimum loan amount is Rs 30 lakh and the maximum is Rs 15 crore.