For many Indians, purchasing a home is a lifetime investment. As a result, the buyer wants to make sure that the home they purchase satisfies all of their needs, including convenience, location, size, and the quality of the materials utilised.

Fortunately, the availability of home loans with reasonable home loan rates and conditions has made it simple to realise this ambition. However, you must meet a number of important eligibility requirements, such as age, income level, credit score, number of current loans outstanding, etc., in order to be approved for a home loan. The lender might prefer that you include a co-applicant when you apply for a home loan. Loans taken with a co-applicant are known as joint home loans, and this may be for a variety of reasons. Obtaining a combined home loan has a number of advantages.

Eligible for higher loan Amount

When you add a co-applicant to a house loan, the lender will take both of your incomes into account when determining the loan amount if that co-applicant is an earning member. As a result, if you apply as a joint loan account instead of an individual applicant, you will be qualified for a larger home loan amount. The benefit of a greater home loan amount is provided to applicants for home loans or their families as a result. The increased budget made possible by the joint loan application may enable them to buy the property they need.

Low-interest rates

The individual borrower can think about including their spouse or mother as co-applicants in a joint home loan application and as a joint property owner to take advantage of low-interest rates on a mortgage.

Women clients in India have the added advantage of receiving loans at interest rates that are 10 to 25 basis points lower than those typically granted to male borrowers for home loans. A woman borrower must be the single or joint owner of the property and must apply for or be listed as a co-applicant on the loan application in order to qualify for this benefit.

Higher tax benefits

Higher tax benefits, which are available to each co-applicant separately, are a significant advantage of a combined home loan. Co-applicants must actively participate in making EMI payments toward the home loan repayment and be property owners in order to qualify for this tax benefit. Home loan co-applicants may individually claim the following tax benefits:

  • Under Section 80C of the Income Tax Act of 1961, every payment made toward the principal amount of a home loan is eligible for a deduction up to a maximum of Rs. 1.50 lakhs.
  • According to Section 24 of the Income Tax Act of 1961, interest payments on mortgages are tax-deductible.
  • If the property is self-occupied, up to a maximum of Rs. 2 lakhs.
  • The entire interest payment on a mortgage for a rental property qualifies for tax deductions.
  • To the extent that they contribute to the monthly EMIs in terms of principal and interest, each co-applicant is qualified to claim the aforementioned deductions on an individual basis, within the parameters outlined above.


Achieving homeownership is a lifelong ambition for many people. Therefore, it becomes sensitive to make wise investments in this once-prized possession. Due to the availability of a larger loan amount, a cheaper interest rate if you have a female co-applicant, and higher tax benefits which may be enjoyed by individual co-applicants, provided certain conditions are followed, applying for a joint house loan will make it easier for you to realise this ambition.

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