In Bharat, family comes first, and so do homes spacious enough for everyone. Many Indian families dream of owning a spacious home. This is true whether you are newly married, living with family, or planning to support your parents or children.
Buying that dream home by yourself can be extremely stressful for your finances. That is where a Joint Home Loan from Piramal Finance steps in. It does more than just divide the EMI. It helps you get a bigger loan, save on taxes, and repay it more easily.

What is a Joint Home Loan?

A joint home loan is when two people apply for a home loan together. This usually involves spouses, siblings, parents, and children. Both applicants are responsible for repaying the loan. They also share benefits like tax savings and better loan eligibility.
A smart choice is buying a more valuable property. You can share the costs without giving up your dream.

Who Can Be a Co-Applicant?

Co-applicants in a joint home loan must usually be close relatives. The following combinations are allowed:

• Husband and wife
• Father and son
• Siblings
• Parent and child
• Non-Resident Indians (NRIs), based on specific terms

Co-applicants must not be co-owners of the property. However, experts recommend co-ownership to maximize tax benefits.
Depending on the terms, even non-resident Indians (NRIs) can apply. Both applicants' understanding of finances is the best. At least one should be a co-owner of the property.

Joint Home Loan Eligibility Criteria

Before applying, ensure the following:

• Both applicants have a good credit score / Cibil score
• At least one should be a property co-owner
• Both applicants must have stable income sources (salaried or self-employed)
• Acceptable relationship between co-applicants (spouse, parent-child, sibling)

Documents Required

Here is what you'll need to keep handy:

Identity & Address Proof (for both applicants)

• Aadhaar Card / PAN Card
• Passport / Voter ID / Driving License
• Latest Utility Bills (for address)

Documents Required

Here is what you'll need to keep handy:

Identity & Address Proof (for both applicants)

• Aadhaar Card / PAN Card
• Passport / Voter ID / Driving License
• Latest Utility Bills (for address)

Income Proof

Salaried Individuals:

• Salary slips (last 3 months)
• Bank statement (salary account)
• Form 16

Self-Employed:

• ITRs (last 3 years)
• Profit & Loss account and balance sheets
• Business bank statements

Property Documents

• Sale agreement
• Title deeds
• NOC (if applicable)

Joint Housing Loan Features briefly

How to Apply for a Joint Home Loan with Piramal Finance

We make the process simple, whether online or offline.

• Visit a Branch
  Walk into your nearest Piramal Finance branch with your co-applicant and documents. Our team will guide you every step of the way.
• Apply Online
• Go to our online application form and fill out your personal, co-applicant, and income details. Once submitted your application will be processed for verification.
• Our executive connects with you for KYC, eligibility check, credit profile & property inspection
• If you meet all the rules, your home loan will be approved, and you will get a sanction letter.

Why Choose a Joint Home Loan with Piramal Finance?

• Higher Loan Eligibility
  When you combine incomes, you qualify for a higher loan amount. This means you can look at better properties or buy your dream home without worrying about falling short on budget.
• Shared EMI Burden
  A joint loan means shared responsibility. Applicants split the EMIs, which improves repayment capacity and makes repayment easier and more manageable. By using both incomes wisely, you can even repay the loan faster.
• Double Tax Benefits
  If both applicants are co-owners, you can individually claim tax deductions under:
• Section 80C – Up to Rs. 1.5 lakh each for principal repayment
• Section 24(b) – Up to Rs. 2 lakh each for interest paid
  That is a huge tax saving every financial year.
• Lower Interest Rates for Women
  A woman may be eligible for special home loan interest rate discounts if she is an applicant and co-owner. That means more savings over the long run by adding your spouse, daughter, or mother as a co-applicant.

FAQs

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