Joint Home Loan

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About Joint Home Loan

So what is joint home loan? A joint loan for house can be taken with an eligible co-applicant and repaid with equal financial responsibility. It improves your eligibility and loan approval chances. A joint home loan calculator can help you find out the loan amount that you can get from a bank.

Features & Benefits of Joint Home Loan

Benefits of joint home loan by Kotak Mahindra Bank:

Improves your loan eligibility
Allows you to take a bigger loan based on combined income
Tax benefits can be claimed under Section 80(C) and Section 24(B) of the Income Tax Act.

Joint Home Loan Eligibility

Before applying for a home loan, you should find out your joint home loan eligibility for joint applicants. Following are the criteria for Home loan eligibility for joint applicants:

Co-applicants must be related to each other
Minimum age: 18 years
Online Indian citizens are eligible

To know more, visit our joint home loan eligibility calculator page. A joint home loan eligibility calculator takes various factors into account such as income, age and so on.

Documents Required for Joint Home Loan

Following home loan documents are required for joint loan for house:

Residence Proof: Voter ID/Aadhaar/Driving License/Passport
Identification Proof: Aadhaar Card/PAN Card/Voter ID/Driving License/Passport
Age Proof
Income Proof
Relationship Proof, such as a marriage certificate or birth certificate

Who Can Be Joint Home Loan Co-Applicants?

If you are wondering, can home loan be taken jointly, the answer to your question is yes. It can be availed of only if you fulfill certain criteria. Here’s a list of relationships that allow you to apply for a joint loan for house:

Joint home loan with non working wife

You will not enjoy any benefits that come with the joint home loan with non working wife as there is no additional income. You will however be able to enjoy lower stamp duty rates according to the state you are living in.

Joint home loan with wife

You can apply for a joint home loan with wife who is a salaried person.

Joint home loan with father

Joint home loan with father can be availed of only if they are joint owners of the property. The father’s retirement age is considered while calculating the tenure.

Joint home loan with brother

If the brothers are living together and are co-owners of the property, they can avail of a joint home loan.

Joint home loan with mother

Lower stamp duty and interest rate are the benefits you can enjoy if you take a joint home loan with your mother. If your mother is a working individual, then the eligiblity will be calculated based on your and your mother's income.

Joint Home Loan Interest Rate & Charges

Joint home loan is always a better option. There are many benefits of joint home loan especially if you apply for it with a female like your wife or mother.

Kotak Bank’s charges for Joint Housing Loan https://www.kotak.com/en/personal-banking/loans/home-loan/interest-rates.html

How to Apply for a Joint Home Loan?

Apply for a joint home loan online by following these steps:

Go to the Home Loan section on Kotak Mahindra Bank’s website
Click on Apply tab
Fill in the necessary information when redirected to the application form

Apply for home loan now! You can use a joint home loan calculator to check how much loan amount you can avail of.

Testimonials

Reviewed on 04/11/2022

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Frequently Asked Questions

What are the conditions for taking a Joint Housing Loan?

The most important condition is that your co-applicant must be related to you or should be your family member.

What are the tax benefits of Joint Home Loan?

The following tax benefits can be enjoyed by all the co-applicants:

- Under Section 80C: a deduction of up to Rs 1.5 lakhs on principal amount

- Under Section 24: a deduction of Rs 2 lakhs on the interest amount

- Stamp duty concession in case of female applicants

To know more, use our home loan tax benefit calculator

A joint home loan eligibility calculator will help you understand whether you can borrow a loan or not.

What is the processing time for a Joint Housing Loan?

Kotak Mahindra Bank provides quick in-principle on applying for a joint housing loan.

What are the advantages of a Joint Home Loan from Kotak Mahindra Bank?

Kotak Mahindra bank offers a joint home loan facility through which you can jointly apply for a home loan with a co-borrower. Here are the many advantages of Kotak Mahindra Bank’s Joint Home Loan:

● Improved home loan eligibility

● Helps you buy a bigger house

● Comes with higher tax benefits

● Loan repayment can be shared

How much Joint Home Loan can I get from Kotak Mahindra Bank?

The Joint Home Loan amount depends on many factors like the combined monthly income and credit score of co-applicants. Loan eligibility is better so a higher amount can be borrowed.

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Disclaimer (Things you should know):

For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.