pnb housing
December 7th, 2022

What are Joint Home Loans? Eligibility and Documents Required for Loan Approval

What are Joint Home Loans? Eligibility and Documents Required for Loan Approval

Summary: Joint Home Loans are a great way of getting the desired loan amount to build your home. Check out the article to learn about Joint Home Loans, their benefits, eligibility criteria, and documents required for application.   

Buying a home or constructing it from scratch requires massive investment, and a lack of proper financial planning can squeeze out all your savings. In order to fulfill your dreams of owning or building the house you’ve always wanted without compromising on your life’s earnings or your life’s hard-earned savings, you can always consider taking out a reasonable Home Loan.

There was a time when getting a Home Loan was a bit of a slugfest, but today it has become much easier. All you need is proof of regular income, a good credit score, and the required documents for quick loan approval. However, please note that it depends on your repayment capability & previous repayment track record. 

What if you don’t qualify for the amount you need to buy or construct a house? Many financial institutions allow you to make joint home loan applications, increasing your chances of getting considerably larger.

What is the Meaning of a Joint Home Loan?

It simply means two people joining together for the same application. When applying for a joint home loan, you can include your spouse or an immediate family member in your application. This will allow both of you to share the loan burden and certainly increase your chances of qualifying for a higher amount.

Your eligibility for a loan increases when you include an earning co-applicant with a good credit score. Besides increased home loan eligibility, you get a larger amount since your co-applicant pays EMIs along with you (increasing the size of the instalments).

Must Read: Benefits of Taking a Joint Home Loan

Joint Home Loan Eligibility 

Now, this one is a bit tricky, and you must carefully look up potential financial institutions that meet your financial requirements. You should also carefully review the terms and conditions —your age, credit score, and income.

You can apply for a joint home loan with your spouse, siblings, or parents. No financial institution permits an application with friends, business partners, or people who are not part of your immediate family; therefore, you should involve a family member only. Also, ensure your co-applicant has a stable source of income.

Documents Required for Joint Home Loans

Home loan documents are mandatory for obtaining a home loan. These provide important information about the applicants, such as age, address, income, employment, income tax, etc. Bear in mind that home loan documents for income differ slightly for salaried and self-employed applicants.

To Get Home Loans for Salaried Professionals

  • Address proof –  Aadhar card, Passport, Driving Licence, Telephone Bill, Ration Card, Election Card, or Any other Certificate from Statutory Authority 
  • Age Proof – PAN Card, Passport, or any other Certificate from a Statutory Authority
  • Income Proof – Includes salary slips for the last 3 months, Form 16 for the last 2 years, and the last 6 months’ bank statement

To Get Home Loans for Self-Employed Individuals

  • Address proof – Aadhar card, Passport, Driving Licence, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority, 
  • Age Proof – PAN Card, Passport, or Any other Certificate from Statutory Authority
  • Income Proof – Pertaining to business and ITR, such as proof of business existence, last 3 years’ income tax returns, accountant-certified balance sheets, and last 12 months’ bank account statement

Must Read: How to Avail Tax Benefits on a Joint Home Loan (3 Possible Ways)

Benefits of Getting a Joint Home Loan

  • Reduced stamp duty when you include a female applicant
  • Increased eligibility.
  • You qualify for a bigger home loan when you apply together 
  • Sharing of government benefits during the repayment tenure.
  • Reduced repayment burden due to shared repayment responsibility
  • Easier ownership transfer to the property bought with a joint home loan


While hustling for your dream house, a joint home loan can be a great help. A co-applicant with a better credit score and income increases your chances of getting a higher amount for your dream home. The repayment burden also reduces since you share the responsibility with a co-borrower. However, it is crucial to find the best financial institutions that provide you with the best deals, so do your due diligence before settling upon a Home Loan that suits your needs.

So prepare, research, and apply with confidence.


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