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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

Conclusion

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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PNB Housing

What are the Joint Home Loans? Eligibility and documents required for Loan Approval

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.

Commercial real estate is a rather reliable investment option, regardless of market cycles. The value of property in commercial areas by & large increases over time and so does the rent. A lot of investors see it as a long-term investment that generates regular cash flow through rentals and may fetch you higher value when you sell it off. With commercial property loan interest rates being lower than ever and 2022’s most auspicious time to make a profitable decision nearing ever closer—maybe it’s time to invest in a commercial property.

Let’s Dive Into the Top 5 Reasons:

From attractive commercial property loan interest rates and relaxed eligibility to equity building, leveraging opportunities, and security. Here are six solid reasons why investing in commercial property over Diwali could work out quite well for you:

1. Diwali is Auspicious

Diwali is one of the most blessed times of year in India and rightly, people make big purchases on Diwali and Dhanteras to bring further prosperity and good luck. And what better investment than a commercial property at this time? Buy commercial property with relaxed PNB Housing commercial property loan eligibility and low-interest rates. You can make this Diwali a gainful one by getting more business and earning profits from an assuring long-term investment.

2. Attractive Loan Terms

If purchasing a commercial property is beyond your financial capacity at the moment: PNB Housing has your back, PNB Housing finances up to 70% of the property’s market value as the commercial property loan amount. With interest rates starting as low as 8.75%, commercial property loans become easier to pay.

3. Get Diwali Discounts

Diwali is the most awaited festival in India. Businesses, including real estate developers, eagerly wait for Diwali and Dhanteras to launch their latest property offerings with big discounts and freebies. You may get free furniture, air conditioners, washing machines, gold coins, tax and duty waivers, if you purchase a commercial property with exciting Diwali offers: another reason to love Diwali!

4. Convenient Purchase and Quick Loan Approval

It is fairly easy to find top commercial properties online. You can visit online property websites to search for the best commercial real estate that sits well with your budget. Although it’s prudent to visit the property physically before finalising any deal. While you take the stress of finalising the property, PNB Housing makes the commercial property loan process seamless for you. With customised eligibility criteria and quick disbursal, you can own your commercial property in just a couple of days.

5. Build Equity

Commercial properties generally yield higher returns compared to residential properties. This will let you build more equity than other property investments. Furthermore, given India’s rapid economic growth, the demand for commercial properties is only bound to rise

Conclusion

Purchasing a commercial property can be a greatly valuable investment this Diwali. PNB Housing takes the onus of providing credit through a hassle-free application process and quick disbursal. All you need to do is lodge your request on the PNB Housing website and wait for a representative to contact you.

Finally, on the auspicious occasion of Diwali, book a commercial property this Diwali and reap rewards for years to come!