Joint Home Loans- Affordable Way to Achieve Your Dream House

Bangalore: Buying a home is a dream in everyone’s life. Some opt to buy with their disposable money and some opt for home loans. Borrowing and repaying the loan is one among the biggest liabilities in an individual’s life. So, it is very important to take a firm decision when taking a loan. Also you can choose joint home loans to reduce the loan burden. Joint home loan is a loan that is taken by more than one borrower. Read below to know more about joint home loans, reports Adhil Shetty of BankBazaar.com.

1) Who are eligible to take a joint home loan?

Joint home loans can be taken either by a married couple, parents or own siblings. Also there are banks that allow brother to take such loan on the given condition that they will be the co-owners of the property they are borrowing loan for. As per banks guideline, all co-owners of the home have to be the co-borrowers in a joint home loan.

VK Sharma, director and chief executive officer, LIC Housing Finance stated that, "If co-applicants are spouses, co-ownership of property is not mandatory. However, if co-applicants are parents or siblings, co-ownership of property is compulsory," reports Business Today.  

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