Did you apply for a home loan and it got rejected because your income is lower than the standard? If yes, you do not need to sit in the corner, sulking. Joint home loans are there to help you out of this situation. By getting co-borrowers for your home loan, you can get a higher amount of loan as the incomes will be clubbed for consideration. You can have up to 4 or 6 co-borrowers depending on the bank’s rules.
As all co-borrowers’ incomes are clubbed in case of joint home loans, you can avail a higher amount that you could not otherwise get as a single applicant. For example, if you are buying a property worth 1 Cr, the banks can grant up to 80% of the value i.e., 80 lakh. But if you fall short of the income slab, you can get a co-applicant whose income will also be considered along with yours to help you reach the limit. Women borrowers or co-applicants or co-property owners can also get benefit on the home loan interest rates. [Read more…]