Simplified facts and practical information about home loans in a simple language while avoiding the technical jargon associated with it! I was confused with Finance in Home Loans and this Blog is an simple expression! I am a Healing Artist, and not attached with any Financial Commercial Institution and am not responsible for any financial links posted Take care and surf information before committing!
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19 April 2016
Why to take a Joint Home Loan? How to Get Your Joint Home Loan Approved
Joint home loans, are a great way to take the big leap of owning a
home. Decision of purchasing a flat on ownership is a dream for every
individual. With so many good housing finance companies available the borrowers
can select the best option and who can accommodate their financial customized
needs and offer a personalized loan.
Joint home loans are those loans where two or more members jointly
apply for the home loan and submit their documents together. The lending
companies will go thorough their financial standing and asset and offer a home
loan on the total amount of collective funds available for repayment of the
home loan. But most of the times many lenders shy away from approving joint
home loans due to the high risk involved with joint finances.
For better chances of loan approval even if you are a co-applicant
for a home loan try to go along with your spouse or if you have sibling willing to enter this
arrangement then make it clear before and also try to take a smaller loan, that
which you may be able to bear single handed also. Minimize the risk of default
and make arrangements for repayment schedule.
Also going in for a joint home loan remember that during the home
loan repayment period you may not be allowed to go in for a second loan for
whatever other needs if you both do not have the incoming amount. If you are
committed in a home loan jointly then you may not be eligible for another loan
for say, a car loan or a renovation loan. So remember this.
Both joint applicants will get tax benefits so use this to your
advantage as savings. The best combination for getting your joint home loan
approved would be with your spouse. Since this is family the lenders are
accommodating with this combination and usually many men go in for a loan if
they have regular finance available for repayment every month. So if you have
the money set aside or additional regular income every month then you can go in
for joint home loan and the lenders will also approve it provided all your
documents are in place.