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

    • HDFC Limited Home Loan
      "High on ROI"
      0.5 4.0/5 "Great!"
      HDFC LTD has provided me the home loan with ease. I did not have to follow much on the process. I got the loan on time. The verification went well too. The institution is very high on the interest rate and the processing charges are also very high.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Immediate response"
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com have contacted me within five to ten minutes of time, also the response is very prompt. They have forwarded the information to the bankers on immediate basis. Customer service is good and the website is easy to access.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      HDFC limited have contacted me after sometime from the time of inquiry for the home loan. Rate of interest was around 8.5%, which was bit huge one for me , also I am okay with that. Customer service and other things were good only.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Centralized online portal to make the comparison"
      0.5 3.5/5 "Pretty good"
      Bankbazaar.com is good thing like I can make the comparison of every bankers relating to the financial requirements. I would like to say that they could make the information to be get forwarded to unique bank only, which customer is really opted. Online portal of the Bankbazaar.com is an average one.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Service to be get improved"
      0.5 1.0/5 "Really Bad"
      Nobody have contacted me from the HDFC limited for the home loan, which I have inquired. Rate of interest was around 8.6%, also I am okay with them. In future, I would like to go ahead with them in future and I request them to contact the customer as soon as possible.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Fantastic "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is very good and am using it from the last two to three years of time. I would like to say all the current scenario of the financial market can be understand through the Bankbazaar.com, also the online portal is very much easy to access.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I did not taken the home loan with the HDFC limited because I have already arranged the funds from my end. Customer service is very good one and the response is also good one. The rate of interest was around 8.5% with the HDFC limited, also I am comfort with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is very helpful and they have contacted me for many times, also in future I would like to go ahead with them only for the financial requirement. Response and other things are also fine one with the Bankbazaar.com.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Punjab National Bank Home Loan
      "Good going"
      0.5 4.0/5 "Great!"
      I did not availed the home loan with the PNB housing finance limited because I have arranged the finance from the other sources. I have not found any issues with them till now and the rate of interest rate was not aware by my end but their services are really good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Mentor"
      0.5 4.0/5 "Great!"
      Comparison is the major factor with the Bankbazaar.com, also they have made the brief discussion over there, which really helped me to understand the market scenario and the banking process. Information are really crystal clear, also there were no hidden charges.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Best"
      0.5 4.0/5 "Great!"
      Within twenty days of time, I have got the home loan with the HDFC limited and the response and other things with the HDFC limited was good one, also the customer service too. Rate of interest was around 8.5%, which was not okay for me , also they have told post documentation process , rate of interest would not get changed.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      I got the home loan with the HDFC limited and the interest rate is around 8.35%, also the loan amount got sanctioned in twenty five days of time. Customer service is good and the processing charged was around 0.5% of the total capital amount, also I am very much happy with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Better "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com had chosen the right bank for my financial product. Customer service of Bankbazaar.com is really good and I came to know about bankbazaar through internet search. Website of the Bankbazaar.com is very much easy to access..
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Axis Bank Home Loan
      "Satisfied"
      0.5 2.0/5 "Expected more"
      I had not taken the home loan with the Axis bank because of the huge processing charges and also they have delayed for some time. Customer service was not really good after the document collection process, also they have not provided the proper feedback too.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Indiabulls Home Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      Very recently I got Home loan from India bulls. The rate of interest is low with India bulls. I am happy about the loan amount. I got the home loan with the tenure of 20 years. They have offered me the loan with the floating interest rate. There is no fore closure charges applicable with India bulls.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I got the home loan with the HDFC limited and the interest rate was around 8.4%, also the loan amount got disbursed within a week of time. Service aspects and everything is fine one for me. They have provided around 80% of the cost of home as loan. Documentation process were nominal one with the HDFC limited.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Processing Home loan transfer"
      0.5 5.0/5 "Blown Away!"
      Application process is completed within 20minutes. Still I am unable to believe. Let me see how it goes. Interaction with the team is very nice. Expect the whole transfer in the same way to be smooth. seems to be very easy than manual data collection enquiry and all the stuffs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 4.0/5 "Great!"
      Bankbazaar.com is very good one for me and am using it from the last one year of time. Services and other aspects are really good one. Online portal of the Bankbazaar.com is easy to access, also I got the response from them in the immediate manner, I would like to say that the information so provided could be used and we can save it for future purpose to process the application with other Bankers.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Axis Bank Home Loan
      "Better"
      0.5 4.0/5 "Great!"
      Process and everything was a good one with the Axis bank and I don't have any issues with them till now. Response was very much delayed , also the process lapsed with the Axis bank. In the mean time, I had got the better offer from the Axis bank..
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • ICICI Bank Home Loan
      "Wonderful "
      0.5 4.0/5 "Great!"
      I got the home loan with the ICICI bank and the interest rate is around 8.35%, also the service aspects are good. I had chosen them because the ICICI bank have strong bond with the builder, so the builder recommends me to deal with the ICICI bank. Response was fine with the ICICI bank and they have delayed the disbursement up to the month of November.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 22, 2017
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    Joint Home Loan is Rated as "Great!" by 22631 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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