Although home loans help achieve your dream of purchasing and owning a house, they can also put you into adversity if you are unable to repay your lenders. Not every pocket can afford a home loan. But it does not lead to the notion that you should give up on your goals. Because there still resides a lot of hope if you tread on the path towards taking a joint home loan.

In joint home loans, you can partner up with your spouse, siblings or blood relatives and make them co-borrowers in the loan you take. Through this option, the burden of repaying gets evenly distributed among other members as well. To calculate your joint home loan EMIs, you can refer to the PNB housing EMI calculator

for quick and detailed results.

Before opting for a joint home loan, there are some things that you must keep in mind. These are:

Knowledge of Basic Terms

The first thing you need to do is have a clear understanding of co-owners, co-borrowers and co-applicants.

  • Co-owners are people who share the property and have the legal right on it to avail the tax benefits. If you’re an owner but are not involved in repaying the EMIs, you will not get the tax benefit on the property. You can easily calculate monthly instalments using PNB housing EMI calculator.
  • Co-borrowers are the ones who repay the loans together besides the primary borrower.
  • Co-applicants apply for the home loan together. They don’t need to be owners of the property.

Higher Credit Score

A critical criterion to be eligible for a joint housing loan is to have a strong credit score. It reflects your history, reliability and trustworthiness to your lenders. If you don’t have a good credit score, but your spouse does, it is better if they are the primary applicant.

Reasonable Down-Payments

To secure your amount, you must make a down-payment of at least 10%-30% of your property. But don’t put too much of your property into down-payments for the sake of bigger loans since it can put you in challenging circumstances later on.

Repaying EMI

Whether it’s the primary borrower or the secondary one, both will be required to pay the EMI equally. It’s this reason why people go for joint home loans more than housing loans. The burden of repaying does not fall on only one member but gets divided amongst all the applicants.


To put it in a nutshell, before applying for a joint home loan, study the concept well not to get confused afterwards. Check your credit score and your partner’s and then decide who must be the primary applicant. Remember, the better the score, more are chances to avail the loan.

Make reasonable down-payments and repay your EMI as per the scheduled time. If the lender is not paid within the agreed period, all the applicants of the loan can get penalized. .

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