Can two person take home loan for same property ?

Yes, two people can take a home loan together for the same property in India by applying as co-applicants or joint borrowers. This is commonly known as a joint home loan. In a joint home loan, both individuals apply together to the lender, and both names appear on the loan agreement. Their combined incomes are considered during the loan eligibility assessment, which increases the maximum loan amount they may qualify for compared to applying individually.

Who can be a Co-applicant in Home Loan?

• Two (or more) individuals can jointly apply for a home loan, typically spouses, parents, and children, or close family members. Each co-applicant’s income and credit profile are evaluated to determine the loan amount and terms.

• All co-applicants are jointly responsible for repayment of the loan. This means if one person cannot pay, the other is legally obligated to cover EMIs.

• If both borrowers are also co-owners, each can individually claim tax deductions on principal repayment under Section 80C (up to Rs1.5 lakh per year) and on interest payment under Section 24 (up to Rs2 lakh per year on a self-occupied home). This effectively doubles the tax benefits compared with a single applicant.

It is ideal that both borrowers are co-owners of the property, although this isn’t mandatory for joint loans with all lenders. If both are co-owners, they can also share legal ownership in the sale deed. I hope you understood 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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