A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Joint Home Loan Reviews

    • Bank Bazaar Customer Support
      "Service"
      0.5 2.5/5 "Just OK"
      Good services, quick response. Hope my requirements will be completed very soon. I suggest everyone to please go through the bankbazar.com for your requirements. Your dreams also will be fullfilled. Thanks to bankbazar.com hip hip hoore!!!
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Process is so easy and comfortable"
      0.5 4.0/5 "Great!"
      It was a smooth process to apply, rather visiting different bank the experience over here was wonderful.The address and ID proof works amazing also here is no other competitors for bank bazaar and also instant loan application process is amazing. Lets hope for the best service and the result were very much satisfactory.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 20, 2017
    • Axis Bank Home Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The axis bank had very good communication in regards to my home loan application. They have disbursed my home loan within 3 days of time. The customer service and the response was good with Axis bank. The required loan amount has been approved and disbursed by axis bank. I am happy with the loan amount. The rate of interest of interest is nominal with the axis bank. I am satisfied with Axis bank service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Home Loan
      "Very Pathetic experience with ICICI HOME LOAN Department"
      0.5 0.5/5 "Unacceptable"
      I had a very Pathetic experience with ICICI HOME LOAN Department as their employees not aware of process to be followed for home loan. They did not consider House Government Proofs. They have their own list according to which all property documents should be arranged. No Responsible employee in Kaushambi Ghaziabad branch. ICICI should take care of this. Same property has been loaned from SBI bank and PNBHFL was also ready to provide loan on same property. Very Bad Service from Kaushambi Ghaziabad Team. Take care if you approach this branch.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jul 19, 2017
    • Axis Bank Home Loan
      "Worst Customer Service Experience"
      0.5 0.5/5 "Unacceptable"
      The worst possible way to get humiliated is when a Bank of choice for you for the past 6+ years decides that Customer service is for Fools. I was thrown around back and forth and was ignored on around 75+ calls made during a period of the whole of 2 months since my loan got sanctioned and the Bank has no response at all. And after 2 months they come back and say We can't process the loan. Does Axis bank think the customer is taken for granted just because they invested in the eco-system? I am closing the Salary accounts and Credit Cards I hold with the bank as they have lost all goodwill from an ardent customer. So in Axis bank's terms 15 working days = 2 Months in Communication Isolation. Worst Customer Service Experience Ever.
      Was this review helpful? 0
      , cuddalore
      Reviewed on Jul 19, 2017
    • LIC Housing Home Loan
      "HIGH Interest rate and NO service"
      0.5 0.5/5 "Unacceptable"
      After 5 years of fixed rate of interest tenure, without any notification or information LICHFL started charging sky high interest, which nowhere near to market rate. When contacted they asked to pay Rs 1050 and I had to fill and submit manual form, which is added head ache. After that also the rate of interest is quite high than the market rate. Again after one and half year, they are asking to submit manual form to their office and pay Rs 1180, to correct the interest rate. This rate is also quite high than the current market rate. YOU WILL END UP PAYING MORE INTEREST AND CHARGES FOR SURE. I would NOT recommend to take home loan from LICHFL.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Great Service"
      0.5 4.0/5 "Great!"
      It was a great service provided by you, I could compare loans terms of different banks in a single window. I need not to go any where for applying loan in my busy schedule. I will like to give it excellent, but I have uploaded my bank statements 3 times as I got some error . It would be great if I had received calls with in two hours as promised in the site, other wise it was a great service provided by them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Seemlesss application"
      0.5 3.5/5 "Pretty good"
      I have just managed to fill the application through bankbazaar.com in a span of a few minutes. The address and ID proof works amazing.. Form 16 submission was also pretty quick. Hope for the better service ahead as we move on with the other banking procedures.
      Was this review helpful? 0
      , thane
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Extraordinary assistance"
      0.5 5.0/5 "Blown Away!"
      I had an impressive conversation with Bank bazaar team and getting instant loan approval. Bankbazaar team is maintaining really a good and consistent workflow for getting the loan approved. I will recommend friends and family to get loans from Bank bazar.com if needed.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 16, 2017
    • IDBI Home Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      IDBI is good, but interest rate is slightly high compared to government sector for the home loan. I had taken the amount of Rs. 15 lakhs for the tenure 20 years, IDBI charged 9.35% for the home loan, and they deducted around 1% as a processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Userfriendly site"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good in service,which I post the online request for home loan, Bank Bazaar reach me on time and helped on the process. Whatever queries I had earlier it was rectified by Bank Bazaar executives, its a good site to compare and check the various interest rate.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I have directly reached HDFC Ltd for the home loan, their executive are done a good job. Within three days of time, they have approved my housing loan. HDFC Ltd offered me the interest rate around 8.4 % for the principal of Rs.25 lakhs with the tenure of 20 years. I am very happy with HDFC ltd.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Userfriendly"
      0.5 4.0/5 "Great!"
      Bank Bazaar is quite good, executive is also provided sufficient and satisfactory service. Bank Bazaar is quite good to compare offers in the market and also useful to analyze the best. The website is easy and user friendly I am very fine with that.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Response part should be improved"
      0.5 2.0/5 "Expected more"
      Hdfc Ltd response is not upto the mark, I have applied for the home loan, I submitted all my documents along with the processing fee of Rs.7800. Even I got sanction letter for the home loan. But still I am not sure about the application status, no one contacted me properly, I am the one calling them and getting the status.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Good Responsive Site"
      0.5 3.0/5 "Satisfactory"
      Bank Bazaar is good their representatives are very fast, they helped on the loan process. When I file a loan request, I got instant call, I am very much fine with them. But when I checked home interest rate for the plot it showed some interest rate, it would be great if Bank Bazaar provides exact interest rate and it should match with the rate offered by financial institutions/banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Best offer"
      0.5 5.0/5 "Blown Away!"
      Initially I have some offer from HDFC Ltd, I though to process with that rate, it was shown in online channel, finally HDFC Ltd gave me some thing else. Now my loan is under process, I got my sanction letter, I have finalized a plot to construct a house for that HDFC Ltd processing the interest of 8.65% and also they taking some processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2017
    • Punjab National Bank Home Loan
      "Looking for better interest rate"
      0.5 4.0/5 "Great!"
      I have taken home loan from PNB Housing before five years, the experience was good. The process was quick and being housing loan they were processing the request pretty well. I felt interest rate was not competitive it would be flexible and it should be as per the market rate, I took the loan of Rs.34 lakhs, PNB housing had taken a processing fee of 1% from the disbursement.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had applied for the HDFC Ltd for the home loan and as a customer I am very happy with the way they are process this loan. They had explained every bit of the information in detail before I even submitted my paper work. The interest rate and charges are very much reasonable too the loan amount I have taken is 17 lakhs and the rate of interest they have offered is 10% and 8.6% and the EMI is 16400
      Was this review helpful? 1
      , haridwar
      Reviewed on Jul 12, 2017
    • Sundaram BNP Paribas Home Finance Limited Home Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      I tried to take home loan in HDFC Ltd but they were asking so many documents. Hence I gone with Sundaram Bnp for the home loan process was simple but they offered me 10.5% of interest it was high, still they didn't reverse the interest rate. I have taken the amount of 13 lakhs I would like to switch over to other bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 12, 2017
    • LIC Housing Home Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      I got a home loan with LIC housing finance last year. They took around 2 months to disburse my home loan. The customer service and the response was good with LIC . The rate of interest is high at present, because it is a floating interest rate, I am expecting it may come down in future. The required loan amount has been disbursed and I am happy about the loan amount .
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Jul 11, 2017
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    Joint Home Loan is Rated as "Great!" by 22740 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Joint Home Loan

    A home is a haven, your own little paradise to share with your loved ones. Owning a home has become easier with the availability of home loans offered by various banks and financial institutions at attractive and affordable interest rates. The real problem lies in choosing the right options that will ensure that you avail a home loan that is best suited to your needs. The right home loan scheme helps to increase your savings and reduce the burden of debt.

    What is a Joint Home Loan?

    A joint home loan is a housing loan which is taken by more than one person and repaid with equal financial responsibility. The co-applicants for the joint home loan can be family members, including spouses, parents, siblings and/or offspring.

    You can take a home loan in joint names if you wish to avail a higher loan amount. Your chances of home loan approval is higher than loans applied for in individual capacity. The income tax exemptions are also a major highlight that comes with applying for a joint home loan and the tax savings are exponentially higher than in the case of a single-name loan.

    Benefits of taking a Joint Home Loan:

    • When you take a home loan jointly with your wife, mother, daughter or sister, and the property is owned by her either individually or jointly, some states offer a lower fee for property registration.
    • The repayment of EMI for a joint loan has to be made from a joint account owned by the co-applicants. This makes it easier to track the contributions as well as enable ease of repayment.
    • Succession and other legal issues are reduced if the husband and wife jointly owns a property.
    • In a joint home loan, since the bank combines incomes of the applicants involved, a proportionately higher loan amount of loan will be sanctioned to them. Banks will be ready to offer you higher loan amounts if you opt for a joint home loan. This is because of the higher repayment capacity as there is more than one person who can repay this loan. The ratio of increase in loan quantum depends on the income of co-applicant(s) as well as the reputation of the organization where he/she is employed.
    • Equal liability for repayment: if one of the applicants is unable to pay the amount due on the loan due to unforeseen situations, the Bank nor the customer has to fear about defaulting on loan payment since there is another equally responsible borrower who can pay the EMI. The obligation of paying the equated monthly installments moves on to the other co-applicant.

    Advantages of Joint Home Loan in India:

    As a borrower, the biggest loan you might ever take in your lifetime would be the housing loan. Because of booming real estate prices, a simple 2BHK house in an urban locality costs no less than Rs.25 lakh these days. The bigger the city, the costlier it’s housing. For example, a residential flat in Bengaluru could cost up to Rs.2 crore.

    Naturally you will end up taking a huge loan to buy your dream house. You may have savings to invest in the house – but it is unlikely that you’d have anything more than half of the property’s price. But what would you do if the bank rejects your loan application claiming that your current salary is insufficient? This is where you should be thinking of taking a joint home loan.

    Why Take a Joint Home Loan?

    There are 2 advantages in taking a joint housing finance. They are:

    1. Higher loan amounts: Let’s say you wish to buy a house costing Rs. 1 crore, for which you need a loan of Rs. 75 lakh. The EMI of this loan could be around Rs. 64,000 per month for a tenure of 30 years. But your monthly salary is Rs. 60,000, which is way below the EMI amount. So if you apply for a home loan, your application is sure to be rejected. In such a situation, having a co-applicant can boost your chances of getting the loan. If you apply with your husband whose monthly income is Rs. 70,000, then your joint income will be acceptable to the bank.
    2. Greater tax benefits: Housing finance for self-occupied property comes with double benefits – tax break on repayment of principal amount under Section 80C and deductions on interest payment under Section 24 of the Income Tax Act. Usually, under Section 80C you can claim up to Rs. 1.5 lakh as tax deduction, and under Section 24, you can save taxes up to Rs. 2 lakh. What many people are not aware of is that in a joint home loan, both the borrowers can avail tax breaks individually. So on a loan that would usually give a total tax break of Rs. 3.5 lakh, joint applicants can claim a total tax deduction of Rs. 7 lakh – Rs. 1.5 lakh each under Section 80C and Rs. 2 lakh each under Section 24.

    Conditions for Joint Home Loan:

    Here are some points you must know before you decide on a joint housing loan:

    • You cannot take a joint housing loan with any random person, or even a business partner. Only close relatives – spouse, parents, siblings or children – can be co-borrowers in a housing finance scheme.
    • You can have a maximum of 6 applicants and a minimum of 2 applicants in a joint home loan. However, the number of co-borrowers depends on the bank’s discretion.
    • To get the benefit of higher loan amounts and tax breaks, your co-applicant needs to be an earner too. The co-borrower could be salaried or self-employed, engaged in business or a profession. If you decide to make your homemaker mother the joint applicant, then neither of the above uses will be available to you.
    • To avail the benefits of tax breaks, your joint applicant also needs to be a co-owner of the house. The tax breaks will be made available based on the ratio of ownership – 50:50, 75:25, etc. – which has to be confirmed by the lending bank in a certificate showing the distribution of the principal and interest for the EMI paid. So if your spouse has a higher income, it would be better to have a higher percentage of the loan amount and interest in her/his name so that s/he can get higher tax deductions.
    • The tax breaks will be available only after the construction of the residence is complete. So if you are buying an under-construction property, you will not be able to claim the tax benefits until you start living in the house.
    • Joint owners can also claim stamp duty and registration charges of a property.
    • Each co-applicant has to fill in a separate application form and provide individual documents for the same loan.
    • Repayment for a joint housing finance plan can be done either through a joint account of the co-borrowers, or by splitting the EMI equally or proportionally among them. You can opt for cheque or electronic clearance/standing instruction to your bank, as per your convenience.
    • A dispute in ownership or repayment of loan can affect both the applicants, even if only one of them is at fault.
    • It would be wiser for each applicant to take separate life insurance policies in order to cover the loan burden in case either of the borrowers dies.

    Unless you completely distrust all your close relatives, there is no reason for you to not consider taking a joint home loan. It gives you a higher eligibility for the finance scheme and allows you to claim more tax deductions. None of the other loans give you so much benefits!

    Eligibility and Documentation for Joint Home Loans:

    In order to understand eligibility criteria it is important to understand who a co-applicant is. A co-applicant aka co-borrower is the partner along with whom you intend to apply for a home loan. The co-applicant can be your parents, spouse, children or siblings.

    In the process of applying for a joint home loan, both the applicants involved have to submit relevant documents required for processing the loan such as: A copy of the Permanent Account Number (PAN), income proof, address proof, property documents and bank statements.

    Tax Benefits on Joint Home Loan:

    One of the highlights of taking a home loan is that it aids you in making tax savings, when you invest in a fixed asset. This would ultimately reduce the overall cost of loan considerably. Under Section 80C and Section 24 of the Income Tax regulations, those who avail home loan are eligible to get tax rebates. In order to claim the tax benefits on property, one must fulfill conditions such as - The individual/co-applicant must be a co-owner in the property as well as the co-borrower stated in the loan application to be eligible. Tax benefits are divided between the co-applicants in a joint loan and the division takes place in proportion to the manner in which the property is owned by each co-applicant.

    There are two types of tax benefits available to the borrowers upon repayment of their housing loan. These are:

    • Borrowers are eligible for a tax deduction of up to Rs. 2 lakh per annum on interest paid on home loan, under Sec 24.
    • Tax deduction on amount paid as Principal amount repayment is eligible for deduction under Sec 80C. A loan repayment amount of up to Rs. 1.50 lakh is considered for the deduction.
    Tax Benefits for joint home loan for the financial year 2014-15 & 2015-16 are –
    • The co-owner of the property who is the co-applicant in the loan as well, can claim a tax deduction in their IT Returns, for an amount of up to Rs 2,00,000 as interest on the home loan. However, the property should be the only property owned and it should be self–occupied or vacant. For a property offered on rent, the whole interest can be claimed as a deduction.
    • Under section 80C, the co-owners can claim a tax deduction within the limit of Rs 1,50,000/-, towards principal repayment.

    One important feature of the tax redemption that can be availed is that, tax benefit of deduction on home loan interest as well as principal repayment can be claimed only once construction of the property is completed. If the property is still under construction, the benefits are not applicable.

    Loan Tenure:

    Determination of loan tenure is dependent on a few factors as explained below:

    • If the borrowers or co-applicants are a married couple, the tenure of the loan can be as high as at least 20 years, restricted to the retirement age of the older applicant.
    • The maximum tenure of loan provided for taking joint home loans with co-applicants who are parents, siblings or children, is up to 10 years.
    • Additionally, if parents are the co-applicants and their income is considered for repayment, the maximum term will be subject to the retirement age of the oldest applicant. Hence, the term will be shorter than in the case of taking a loan with your wife, siblings or offspring.

    Repayment process:

    As discussed, joint home loan repayment is the collective responsibility of both the borrower and the co-borrower. But, any one of them can pay the monthly home loan EMIs or they can create a joint account to enable convenient and consistent repayment. The borrowers have the sole responsibility and freedom to decide the best option which would be feasible for them.

    Joint home loans are definitely an option worth considering since it has several benefits when compared to a regular home loan. If you are looking for a home loan, it is better to plan a joint home loan with your family members. However, EMIs are to be paid as scheduled by either one of the borrowers since any delay or default in EMIs can lead to legal action against the borrower as well as co-borrower. The risks and benefits are shared equally.

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