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Home > Forum > Pune > Home Loan > What is the repayment procedure of joint home loan?

What is the repayment procedure of joint home loan?

Q: I had taken a joint home loan with my friend and want to repay it back. What is the repayment procedure of joint home loan?

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Replies (2)
1
Joint home loan is home loan where a husband and wife are working professional and they have jointly applied for home loan. This can reduce burden and enables both to get tax deduction on Home Loan up to amount contributed by them. Repayment procedure is just like normal home loan where EMI is paid by cheques. Both decides mutually agreeing on number of cheques issued by one borrower and the balance by the other.
Soundarya G S


2
The repayment process for joint home loan is similar to that of a regular home loan. The payment, however, has to be made through one cheque.Another way of repayment could be that the co-borrowers share the number of EMIs between them such that a specific number of cheques can be issued by one borrower and the balance by the other.
Srinivas


3

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