Home Loan

Top 5 Benefits of Taking a Joint Home Loan from Piramal Finance


The dream of owning a house is held by millions throughout the country. Buying a house can be a life goal for many people. However, the complications with housing loans are high. A housing loan is a lump sum credited by banks to a borrower. This housing loan enables them to purchase a house. The money is to be returned to creditors within a fixed tenure. The home loan usually covers 70% to 90% of the property’s current value. There are certain benefits to home loans that make them different from others. The tax benefits, longer tenure, and lower interest rates are some of its additional features. Hence, home loans can pave the way to owning your dream house. 

What Are Joint Home Loans?

You can choose from a variety of different types of housing loans. A joint home loan is a mortgage that is taken out with a co-borrower and repaid with equal financial obligation. 

Co-applicants are often members of your immediate family. Family members, including your spouse, parents, siblings, and children, are eligible to co-apply for a joint home loan. There can be a maximum of six co-applicants. The co-applicant may be a salaried professional or self-employed. Obtaining a larger or better property with the help of a joint home loan is beneficial. Moreover, it lowers the overall cost of the home. This is due to the increased tax benefits.

Eligibility for a Joint Home Loan

The lender must have a guarantee that the loan will be repaid within the loan term. You must meet the lender’s requirements to be eligible for the loan. When establishing your eligibility for a home loan, banks take into account your capacity to make EMI payments. 

The eligibility of your joint home loan is influenced by the following variables:

  • Credit score
  • Present age
  • Employment status
  • Income 
  • Work history

Applying for Joint Home Loans at Piramal Finance

To apply for joint home loans at Piramal Finance, you must follow these steps:

  • Visit Piramal Finance’s website. 
  • Look for ‘Housing Loan’ in the menu.
  • Then, click on ‘Home Loan’.
  • Read the overview, key features, benefits, rates, and more. 
  • Find the ‘Quick Apply’ option and click on it. 
  • Fill out the application form and submit it. 
  • An executive will contact you to take the process further. 

Piramal Finance’s Joint Home Loan Benefits

Piramal Finance offers the best possible rates and features. These will make the journey to your dream house easier. Here are the benefits you can get on a joint home loan from Piramal Finance:

  1. All-Inclusive Loans

Piramal Finance offers the finest home loan packages for both salaried and self-employed people. A salaried employee as young as 21 years old can opt for a home loan. Individuals working at private companies, government institutions, MNCs, partnership firms, NGOs, and others are eligible for housing loans. Self-employed individuals must be between the ages of 23 and 70 to apply for joint home loans.

  1. Easy Procedures

All you need to do is complete a simple application form and provide the required paperwork to apply for a joint home loan. Piramal Finance’s hassle-free process and smooth experience make it all worth it. Each co-applicant must submit a separate application and present their supporting documentation. This includes a copy of their PAN card, evidence of income, proof of address, documentation of the property, bank statements, and other paperwork as required. 

  1. Attractive Interest Rates

A joint home loan is a long-term commitment. So, you must be cautious and wise when choosing one. Piramal Finance provides attractive interest rates and flexible payment options. The rate of interest for every slab starts at 10.50% per annum. There are two types of interest rates:

  • Fixed interest rates: the loan interest rates remain fixed.
  • Floating interest rates: the interest rates are variable, and there is a risk of an increase in rates.
  1. Affordable EMIs

EMIs are a way to repay your loan in an affordable manner. Being aware of your housing loan terms will enable you to set manageable EMIs and save money. The longer your tenure, the lower the EMI will be, and vice versa. However, you may end up paying extra during this period. So be cautious when choosing your tenure. With Piramal Finance’s affordable EMI costs, you can manage your monthly expenses properly and continue to repay your loan. For example, a joint home loan of Rs. 10 lakhs for 10 years at a 10.5% interest rate will yield an EMI of Rs. 13,493. 

  1. Flexibility in Home Loan Payments

Piramal Finance can develop a housing loan repayment plan that will meet your needs. This is possible in a variety of ways. You will be assisted in choosing a plan that best meets your financial needs and repayment abilities. This will be done with a flexible repayment plan. It will reduce the burden of the EMI and the likelihood of default. You may be able to borrow more due to the flexible payment options, as the EMI payments will become more manageable.


Home loans in India can prove to be very helpful when you are planning to purchase a home. The lower interest rates, longer tenure, and tax deductions of housing loans make them suitable for a lot of people. However, if your monthly income is not sufficient, your loan eligibility will be affected. Opting for a joint home loan can distribute the burden of making regular payments. In addition to that, your eligibility and chances of getting a home loan will also increase. This will make getting your dream home easier. Visit Piramal Finance for similar articles to this one about housing loans. You will also get access to guidance on housing loans if you are looking to purchase your dream home.