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

    We found 46 Joint Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.5% - 8.7% Floating
    Up to 0.5% (min. ₹5750) One time fee
    5L Min
    1-30 Years
    Response Time Within 30 minutes
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.65% - 8.70% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.85% Floating
    0.5% (min. ₹11,500) One time fee
    5L - 10Crs
    3-30 Years
    Response Time Within 30 minutes
    Paperless Approval Option Available
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.60% Floating
    Up to 0.5% (max. ₹11,500) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 10.05% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.70% - 9.25% Floating
    0.50% (min. ₹10,000) + S.T.
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.65% - 11.75% Fixed/Floating
    0.50% (min. ₹10000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.5% - 8.55% Floating
    10,000 + S.T. One time fee
    40L - 5Crs
    1 - 25 Years
    Response Time Within 30 minutes
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12.5% - 17% Fixed/Floating
    2% One time fee
    2L - 1Cr
    1-20 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + S.T. One time fee
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.67% Floating
    1% One time fee
    5L - 5Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.10% - 9.89% Floating
    0.5% One time fee
    30L - 5Crs
    3-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria

    Joint Home Loan is Rated as "Great!" by 22209 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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  • Joint Home Loan Reviews

    • Citibank Home Loan
      "Descent"
      0.5 3.0/5 "Satisfactory"
      I got the home loan with the CITI bank and the interest rate was around 8.5% and now they have increased it up to 14% like I got it before thirteen years of time. Tenure is around four to five years of times are remaining. Rest of the rate of interest everything works in the good way.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • Axis Bank Home Loan
      "Good Response"
      0.5 5.0/5 "Blown Away!"
      Last year I had taken a housing loan from Axis bank. The interest rate is of 9% and I am comfortable with the bank. If I get lesser interest rate than this with any other bank, I will transfer my loan. Customer service provided by them is wonderful
      Was this review helpful? 0
      , thrissur
      Reviewed on May 24, 2017
    • Punjab National Bank Home Loan
      "Excellent and Quick Service"
      0.5 4.5/5 "Excellent!"
      I am from Chennai. I contacted through an online channel. Instantly they started working on from next day. Especially that Representative name Mr.Rajasekaran who is very active, even he is updating each and every day status. If our documents are very crystal clear, they will complete within 7 days. Even he done my loan process within 9 days (including Sat-Sun). Though, Bank is not provide us to check the loan status upfront, but Rajasekaran updating every single activities in the bank. Also, I would thanks to Mr. Vinoth (his manager). Thanks Elumalai J.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Federal Bank Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I got the home loan with the Federal bank by 2015 and the rate of interest was around 8.75%, which is floating, also its reduced one. By very next month RBI repo rate will be applicable to the customer EMI. I got around 80% of the cost of home as loan and the collateral is a primary security.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 23, 2017
    • SBI Home Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      In the year of 2014, I had taken a home loan from SBI. The rate of interest was around 10.15% at that time. EMI will be deducted from my salary account every month, so I do not have any interactions with the customer service executives till date.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 23, 2017
    • Punjab National Bank Home Loan
      "overall good experience"
      0.5 4.0/5 "Great!"
      I have overall good experience with this home loan provider in terms of customer service and prompt response. This got better after they have ticketing system on service request on newly launched customer portal. If office is in reachable distance your all concerns will be addressed for sure.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Awesome "
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com process was good one for me and all the bankers have approached regarding the preferences. Website of the Bankbazaar.com is good and I got instant response and everything works in a very good manner with Bankbazaar.com..
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      I got the approval letter from the State bank of India for my home loan. Rate of interest was around 9% and I was not okay with that. Response and other aspects are good with them . Being an under construction property, the loan amount will be get disbursed shortly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 3.0/5 "Satisfactory"
      I am using Bankbazaaar.com from the last three to four months of time. I am happy with Bankbazaar.com in every aspect. I had got a call from them as per their commitment, what they had given for my inquiries also I am very much happy with the service provided by them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • HDFC Limited Home Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      Communication part was not good with the HDFC limited on my home loan like that did not stick to their commitments. Rate of interest was not at all constraint and I would like to suggest that they need to call the customer at a specified time..
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Satisfactory services"
      0.5 5.0/5 "Blown Away!"
      My home loan is from State Bank of India and this process was smooth for me. I had no hassles with the bank in the documentation or in the disbursement. Everything happened on time and and I got the funds I needed with a good deal on the interest and charges.
      Was this review helpful? 0
      , rourkela
      Reviewed on May 22, 2017
    • Karnataka Bank Home Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      Long back I had taken a housing loan from Karnataka bank. The loan amount is 75 lakhs with tenure of seven years. I almost completed the loan in 4 years and the pending amount is for 2.72, it will be done early. The current interest rate is 9.23%. The bank supported me a lot as I am a long term customer of them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "One perfect solution for all financial products"
      0.5 5.0/5 "Blown Away!"
      The best I like about bankbazaar is their response, when ever I need a call back they called me back and fulfilled my requirement. They kept on tracking my home loan application and I had received 2 phone calls to check the status of the product. Even after disbursement too, as an extension of service, they call the customer to find out the status of the loan. I am using this site for the past 6 months. This is my first product which I had taken with the support of bankbazaar. The portal is easy to use and customer friendly. I would certainly declare the service offered by bankbazaar to at-least 10 to 15 members.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • HDFC Limited Home Loan
      "Best interest rates with long process"
      0.5 3.0/5 "Satisfactory"
      The major drawback with HDFC LTD is their process. as it is very slow, also they don't respond nor they provide the status of the loan. I had applied for the loan during the month of November, but I got the loan during the month of April which is too long. Totally, they took around 4 to 5 months of time to disburse the loan. The rate of interest is very much nominal but for the documentation and for the processing they had charged around 22k. Expect for the interest rate everything else has to be improved and they need to focus a lot on the communication with the customer. Also they need to be more clear their process and in providing the application status.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Great experience"
      0.5 5.0/5 "Blown Away!"
      I had got the best response from bankbazaar. I am with bankbazaar for about 3 years. I basically got to know about bankbazaar through web search for the housing loan. The portal is too easy to use and user friendly. To conclude, I would say it was a good experience in all.
      Was this review helpful? 1
      , chennai
      Reviewed on May 22, 2017
    • ICICI Bank Home Loan
      "Need a slight improvement with the service"
      0.5 3.0/5 "Satisfactory"
      I was not briefed in detail about the loan process, out of my own interest I questioned them and later they gave clarification about the product. Till date I did not receive any loan sanction letter or any other document confirming my loan approval. However, ICICI process was very smooth quick and fast they hardly took 15 days of time for the loan disbursal, even their rates are low and it is line with the market rate. My only suggestion for them would be work on their service, as they need to be more customer centric.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is an excellent one and am using it for the first time. I would like to say that the response with the Bankbazaar.com is really good one and the website is easy to access and user friendly too. I have not faced any issues with them till now.
      Was this review helpful? 0
      , nasik
      Reviewed on May 22, 2017
    • Punjab National Bank Home Loan
      "Average"
      0.5 4.0/5 "Great!"
      Experience is nice with the PNB housing finance limited for my home loan but the charges are huge. Response is not much good and the executives are not really co-operative. It took around more than 60 days of time to get the loan amount to be disbursed. I would like to suggest that they need to eradicate the technical and legal charges.
      Was this review helpful? 0
      , nasik
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I do have the home loan with the State bank of India and their interest rate is a good one with them. Services are not good with them and the loan amount got disbursed to my account within three months of four months of time. Lastly, even the processing charges were nominal one with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Exactly before 6 months , I came to know about bankbazaar. Advertisement was the key source to know about bankbazaar. Through net portal I had applied for this housing loan. The web portal is very easy to use and customer friendly . To sum up, Bankbazaar renders an excellent service.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 22, 2017
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