I had a similar query, can I take joint home loan with my brother a few months ago. So, I researched about it and found that yes, you can take a joint home loan with your brother in India. This can be a beneficial option under certain circumstances. Scroll down to check how it works.
Can Two Brothers Take Joint Home Loan?
Yes.
Here's how it works and what you should consider:
When you apply for a joint home loan with your brother, both of your incomes are considered, which can significantly increase the loan amount you are eligible for. This is especially helpful if you’re looking to purchase a more expensive property.
The loan repayment responsibility is shared between both applicants, which can make the EMI (Equated Monthly Installment) payments more manageable.
Both you and your brother can individually claim tax deductions under Section 80C for principal repayment (up to ₹1.5 lakh each) and under Section 24(b) for interest payment (up to ₹2 lakh each) on the home loan, provided both are co-owners of the property and are contributing to the EMI payments.
Most lenders require both applicants to be co-owners of the property. If your brother is not a co-owner, he may not be allowed to be a co-applicant for the loan. The credit scores of both applicants will be considered by the lender. If one of you has a low credit score, it could affect the loan approval process or the interest rate offered.
In the case of any default or dispute, both parties are equally liable. It’s essential to have clear agreements in place regarding loan repayment responsibilities and ownership rights. Ensure that both of you are comfortable with the loan tenure and EMI distribution. Misunderstandings can lead to financial strain or relationship issues.
Some lenders may have specific policies regarding joint loans with siblings. It’s important to check with multiple lenders to understand their requirements and terms.
To apply for a joint home loan, you and your brother will need to submit documents such as identity proof, address proof, income proof, property documents, and bank statements. The process is similar to that of an individual home loan but requires documentation for both applicants.
Your query for can brothers take joint home loan should be solved.
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Shifting, House?
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Authors Of The Question
Can I Take Joint Home Loan With My Brother ?
Gautam
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2 Answers
2 Year
2022-03-14T18:07:21+00:00 2024-09-04T11:08:35+00:00Comment
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