It wouldn’t be wrong to state that applying for joint home loans increases your chances of getting approval. As a person interested in buying a home, a lower CIBIL score can be extremely detrimental, which can be best combated with a joint application. In addition to that, a joint loan comes with a diverse set of tax benefits for both the applicants and is mostly preferred by couples that want to streamline their finances, whilst riding on the financial and tax-saving benefits of a home loan.
In the subsequent sections, we shall discuss joint home loans in detail, including the requisite documents, eligibility criteria, and their impact as per the home loan eligibility calculator.
How Joint Home Loans Work?
A home loan is all about opting for a significant sum or credit line as a part of the financing approach. However, in most cases, your existing salary doesn’t make you eligible for a particular sum and therefore, lenders end up rejecting the loan application. This is the point where a joint home loan application comes in handy as it readily increases your home loan eligibility, in terms of amount and credit score coverage.
Joint Home Loan Eligibility Criteria
A home loan eligibility calculator takes several aspects into account, including the credit score of the co-applicants, salary slips of both the parties, and certainly the IT files. Besides, eligibility calculation is also dependent on the cumulative income of the applicants which in turn amplifies the sum that you can opt for purchasing a new home.
However, to procure the tax benefits, both the persons need to be listed as co-applicants, co-borrowers, and co-owners of the property, in any given ratio. Therefore, it wouldn’t be wrong to state that a joint loan application readily improves the eligibility and chances of approval even if you are interested in purchasing a bigger home. Besides, the joint home loan eligibility also concerns the relationships between the applicants as they need to have familial ties for the application to work.
What are the documents required for a home loan?
When it comes to producing the requisite set of documents, both the parties need to produce relevant Address and ID proofs, including Aadhaar card, PAN card, Passport, and more. Besides, as with any kind of mortgage loan, the applicants must also offer age proof, for the lenders to calculate the interest rates and tenure, accordingly.
In addition to that, some of the other documents required for home loan include income proof for salaried individuals including the last lay slip and the balance sheet, photographs, IT returns filed by CA, proof of significant investments, and other relevant documents. Not just that, you need to keep property documents handy, in case the lender ends up asking for the same.
Nevertheless, the requirements, eligibility factors, and even the requisite documents associated with the joint home loan also vary depending on the type of property and state of construction. Not just that, a separate set of documents also need to be submitted for properties in cooperative societies and self-constructed establishments.

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