Can two person take home loan for same property ?

I am planning to avail home loan to finance my house purchase. After comparing lucrative interest rates of several Banks, I enquired from one of my Banker friend about whether “Can I take two home loans for same property?” His response was a big “No.”

Can I Take 2 Loans on Same Property?

My friend said that it is not possible to avail 2 loans for a same property. The property can only be used as collateral for one loan, so it is not possible to obtain two loans on same property.

Can 2 Person Take Loan for Same Property?

My friend said, 2 person can take a joint loan for a single property. However, it is not permissible to take out a joint home loan with just anybody—not even business partners. In a home finance programme, co-borrowers can only be spouses, parents, siblings, or children. 

I hope this information helps you!

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Hey,

I had the same query as you until a friend of mine shared with me details on ‘can two person take home loan for same property’. If you are someone who wants to take a home loan with a co-applicant and avail benefits, keep reading below. 

Yes, Home loans can be taken jointly by co-applicants. Siblings, married couples, or immediate family members can take a combined home loan if they reside together in the same property. If the husband and wife are co-owners, they can avail a joint home loan. Though, it is not necessary to be co-owners to avail a home loan together. There can be a maximum of 6 applicants and a minimum of 2 applicants in a combined home loan. 

There are numerous advantages of taking a home loan together. Additionally, co-applicants can  claim tax benefits under Section 24 & Section 80 C of the Income Tax Act. They will get suitable reductions on interest payment and principal paid. 

The income of both borrowers will be used to calculate the loan amount. Since the responsibility of the loan repayment is shared by the co-applicants. Banks avail a higher loan amount in cases like this.

I hope all your doubts on ‘can two person take home loan for same property’ have been cleared.

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