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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14 August 2011
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 havesibling 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.