Joint Home Loans- Affordable Way to Achieve Your Dream House

3) What is the loan tenure?

While opting for a joint home loan, the maximum loan tenure for spouses (if they are co-applicants) can be extended upto 20 years or 25 years. This time period mainly depends on your bank as each bank works under different guidelines. And, if the co-applicants are parent-child duos or siblings then the loan term can be extended maximum upto 10 years.

4) Loan repayment

Although the loan is taken jointly or by co-borrowers, the repayment process for such kind of home loan is similar to that of a regular home loan. "Payment can be from a single or joint account by way of cheques or electronic clearing system (ECS),” said Renu Sud Karnad, Managing Director of HDFC.  

"Another way of repayment could be that the co-borrowers share the number of EMIs between them such that a specific number of cheques can be issued by one borrower and the balance by the other," said Suvrat Saigal of Barclays Corporate India.

Also Read: Now Show Your Credit History to Rent a House