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Joint home loans with co-applicants help in improving your loan eligibility. In a joint home loan application, the eligibility is improved by the co-applicants independent source of income and credit history. When you take a home loan jointly with your wife, daughter or mother, and the property is owned by her individually or jointly, some states offer a lower fee for property registration. Succession and other legal issues are reduced if you jointly own home with your husband or wife. If one of the applicants is unable to pay the loan amount due to unforeseen situations, the bank doesn’t need to fear about defaulting on loan payment since there is another borrower who can pay the EMI. The bank combines incomes of both the applicants involved which means a proportionately higher loan amount of loan will be sanctioned to them. You can also earn tax benefits if you opt for a joint home loan. Each co-applicant is required to fill separate application forms and provide individual do...

To have one's own house is everyone's dream. We all make sincere efforts to turn our dream into reality. Sometimes along with your savings, you have to borrow a loan to meet the fund requirement, as buying a house is an expensive affair. With a large number of banks and NBFCs offering home loan across India, it has become very easy to avail it. If you decide to take a home loan, it implies a long-term debt liability. While taking a home loan you have to ensure that you don't commit some common mistakes that will cost your dream house. Some of the common mistakes are choosing wrong agents who work to maximize gains of the seller. Therefore before selecting an agent inquire about him. using all your savings for buying a home is another mistake, as one should always keep some cash in hand to meet unplanned expenses like a medical emergency etc. Buying a home with a loan requires you to select the right lender whose interest rates and other charges are low. As selecting a w...