Can I apply for a joint loan against a property?

Yes, you can apply for a joint loan against a property if it is co-owned by you and your spouse or any other family member. When applying for a joint home loan, both co-owners of the property need to be co-applicants for the loan. The loan provider will do a joint home loan eligibility assessment by considering both co-applicants’ income, credit score, repayment capacity, existing liabilities, etc.

A joint home loan helps increase the overall eligibility amount as the incomes of both co-applicants are considered. Further, it allows the sharing of the EMI burden as the repayment responsibility is jointly held. However, one key aspect is that both co-applicants are jointly liable to repay the home loan.

So, if one of the borrowers cannot pay their share of EMI, the other will have to bear the full repayment burden. Also, the property can only be sold when both co-owners sign the sale agreement. So, consider these factors before applying for a joint home loan against your co-owned property.