Joint home loan

Q: Can two unrelated people take individual housing loans to jointly buy the same property?

CF User,

12th February 2014

Home Loan in Delhi

joint home loan

home loan in delhi

individual housing loans

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A joint home loan is a loan which is availed with a co-applicant to be eligible for higher loan amount and share the financial burden equally. Meaning of Co-applicant is that the loan is taken jointly in the name of two people with one being a primary applicant and other being a secondary applicant.

Abhishek,

3rd May 2020

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No, two unrelated people cannot apply for a loan on the same property, you have to have absolute ownership of the title to apply for the home loan, You have to mortgage the original title deed with the bank to avail for a home loan and since one property will have only 1 copy of the title deed there is no question of availing the 2nd loan on the same property. Parents, wife and children can be co applicants on a property for loan purpose. Some banks approve of 2 brothers jointly taking a loan on the same property but even in that case there will be just one loan disbursed.

Finance Buddha,

12th February 2014

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