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Purchasing a home is an investment decision of a lifetime for many. However, buying a house is a big-budget investment and the criteria to apply for a home loan may be a challenging enterprise for several middle-class buyers.

The advent of a joint home loan is a welcome respite for many of us from a humble financial background. It is an easier way to increase the possibility of acquiring a home loan. Joint home loans are well secured, and their repayment is easy as the applicants can pay back through EMIs over a prolonged period. 

Facts To Know Applying For A Joint Home Loan

Here are some vital details one must be in the know of before applying for a joint home loan:

Knowhows For Married Couples

Limited Rights Over Property

In the case of the spouse’s death, where s/he leaves no will, the spouse’s status is just of a co-applicant. Under such circumstances, the spouse as a legal heir has rights over one-third share of the property. This is because the assets or the property are divided among parents, children, and wife of the deceased, in the lack of a will.

Divorce Of A Couple

If the couple decides to split up, and the wife no longer pays the EMI after legal separation, the loan repayment’s responsibility falls on the husband. As a co-applicant for the joint home loan, the husband bears the brunt of the situation without even reaping the perks of ownership of the property. To steer clear of this crisis, the co-applicants can sign an agreement mentioning each partner’s portion of loan liability to avoid such unforeseen troubles in the future.

Eligibility And Credit Score 

The credit score of both the co-applicants will be equally affected if one of the partners in a joint home loan refuses to pay the EMI. This will reduce the eligibility for applying for a loan in the future for both of them.

Other Crucial Factors


You should decide the down-payment for a joint home loan depending upon the savings of the co-applicants. The applicants need to make a minimum of 10 to 30 per cent of the property valuation as a down-payment, as is the lender’s policy. The applicants should aspire for a loan within their budget to not face any financial trouble in the future.


The documentation process in a joint home loan is a long drawn one as a significant amount of time is required for document verification of each co-applicant. All the co-applicants are screened through a sort of documentation called ‘Know Your Client’. The applicants for a joint home loan must furnish their ID proofs, address proofs, and income proofs. If the co-applicants of the loan are going to be the co-owners of the property, they have to furnish the co-ownership documents. 

Benefits of Using A Home Loan Calculator

What is a Home Loan Calculator?

home loan calculator is a self-help application that enables you to independently calculate your monthly instalment for loan repayment. A home loan calculator gauges your eligibility for applying for a home loan, EMI, and informs you the extent to which your property valuation can be financed. Taking the aid of a home loan calculatorwill help you figure the exact cost of the loan.


Applying for a joint home loan is advantageous in purchasing a house and minimising the total cost due to tax benefits. Moreover, if the co-applicants share the responsibility in repaying, the EMI lessens the load of loan repayment. Following these tips will take you a step closer to cherishing your dream of having your dream home.