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Real Estate Forum on Joint Home Loan

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Q: Can two unrelated people take individual housing loans to jointly buy the same property?

Latest Answer: A joint home loan is a loan which is availed with a co-applicant to be eligible for higher loan amount and share the financial burden equally. Meaning of Co-applicant is that the loan is taken jointly in the name of two people with one being a primary applicant and other being a secondary applicant.
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Q: Hi,

I'm 25 year old working in an IT company and my father is 52 working in BSNL. Our gross income is 12 lakh per annum. Together we want to take up a home loan. Please let me know what is the maximum loan amount that can be disbursed and the applicable tenure? Also, what happens to the loan amount when my dad retires at the age of 60?
Latest Answer: If we are considering your Dad’s income for Loan eligibility calculation then the maximum tenor that you can avail will be limited to the retirement age of your Dad. So you will get a Max of 8 year tenor for your home loan. Some banks can give you a tenor extension of 2 years and make the total tenor to 10 years, cases like these are subject to deviation and basis the profile of the customer the banks will be willing to look at a higher tenor as well. For ex If your percentage contribution to 12Lks is more than 50% then we can always negotiate basis future increments that will happen in your salary over the next 8 years which will be substantial enough for you to handle the EMI independently even after your fathers retirement. But as we have specified since this is a deviation the case has to be presented to the credit officer separately for consideration or else as per the standard policy you can only get 8 to 10 years Max
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Q: Recently I have heard about Joint Home loan which is a new term for me. Can you please provide me the details of what are the documents required for Joint Home Loan
Latest Answer: According to an expert, other 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
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Q: I want to apply for home loan jointly with my spouse. What are the things I should be aware of?

Latest Answer: Is the property a self occupied property or for purpose of rental? When you jointly apply for a loan along with your spouse for a self-occupied property, it has to be held by you both in equal proportion and both the spouses would be able to claim deduction on the principal and the interest repaid separately from your both incomes to the extent of your respective share in the house and the loan.
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