A joint home loan lets two or more eligible applicants combine their incomes to borrow more. Check your eligibility and review the documents required for a home loan up to Rs. 15 crore* before you apply.

A joint home loan is a single loan taken by two or more applicants together. Their combined income is used to assess how much they can borrow. For eligible salaried applicants, Bajaj Finance home loan interest rates start at 7.25%* p.a., with repayment tenures of up to 32 years* and loan amounts up to Rs. 15 crore*.

The application follows the same steps as a standard home loan, but every co-applicant must meet the lender's eligibility requirements. Both applicants remain equally responsible for repayment throughout the tenure. This article covers who can apply together, what to discuss before applying, the documents required, and how Bajaj Finance fits different borrowing needs.

When does a joint home loan make sense? Applying with a co-applicant is worth considering in a few specific situations.

If you and your spouse are both salaried and want to buy your first home, combining your incomes can improve what you qualify for. If your parents own the property jointly with you, adding them as co-applicants may align legal ownership with the loan structure. Some applicants add a co-applicant specifically to reduce the per-person EMI burden over a long tenure.

When it may not be the right choice If you're uncertain about long-term ownership plans, a joint application can complicate an exit later. If one applicant carries a significantly low credit score, their inclusion may reduce the overall loan eligibility rather than improve it. In such cases, a single application may produce a cleaner assessment. Talk to your lender before deciding.

How does a joint home loan change what you can borrow? Lenders assess several factors when reviewing a joint application.

Assessment factor What lenders typically review Combined income Total monthly income of all applicants Existing EMIs Current loan repayments reduce net eligibility Credit history Each applicant's CIBIL Score is assessed independently Applicant age Oldest applicant's age often determines maximum tenure Property value Loan amount is tied to the property's assessed value Repayment capacity Ratio of total obligations to total income Example: Sameer and Supriya are a married couple in Jaipur. Both are salaried. Sameer earns Rs. 80,000 per month; Supriya earns Rs. 45,000 with no existing EMIs. Their combined income may support a larger loan than either's single application, subject to the lender's assessment of their full financial profile.

Who can apply together for a joint home loan? Not all relationships qualify. The table below reflects Bajaj Finance's co-applicant policy.

Relationship Can apply jointly? Notes Husband and wife ✅ Yes Common arrangement Parent and unmarried son or daughter ✅ Yes Subject to eligibility Brother and brother ✅ Yes Subject to lender assessment Sister and sister ❌ No Per Bajaj Finance policy Brother and sister ❌ No Per Bajaj Finance policy Friends ❌ No Per Bajaj Finance policy Every applicant in the arrangement must independently meet Bajaj Finance's eligibility requirements for the application to proceed.

What should you discuss before applying? Sorting out practical questions early avoids disputes later.

Consideration Why it matters EMI sharing Decide who pays how much, and when Ownership split Legal ownership should reflect each person's contribution Credit history A weak score from one applicant affects overall eligibility Loan tenure Longer tenure lowers the monthly EMI but raises total interest One question many applicants skip: what happens if one borrower wants to exit the arrangement? Removing a co-applicant mid-tenure requires lender approval and re-assessment of the remaining borrower's eligibility. Plan for this scenario before signing.

Fixed interest rates stay constant across the tenure, which makes EMI planning predictable. Floating rates move with benchmark rates, such as the repo rate set by the Reserve Bank of India, and may shift over time. Both options carry different planning implications.

What are the main benefits and responsibilities? Potential benefit Responsibility to remember Combined income may improve eligibility Every borrower remains liable for full repayment EMI can be shared between applicants Missed payments affect all borrowers' credit records Each eligible owner-borrower may claim applicable tax benefits Ownership and contribution must be clearly agreed upfront On tax benefits: under Section 24(b) of the Income Tax Act, each applicant who is also a co-owner may claim a deduction on interest paid. Under Section 80C, a deduction on principal repayment may also apply. Eligibility for these deductions depends on each individual's ownership share, repayment contribution, and the applicable provisions of the Income Tax Act in the relevant assessment year. Consult a tax adviser for your specific situation.

What eligibility checks should you expect? Every applicant in a joint home loan must satisfy the following: • Indian citizen residing in India • Age: salaried applicants between 23 and 67 years; self-employed professionals between 23 and 70 years (upper limit assessed at loan maturity) • CIBIL Score of 725 or above is considered ideal • Employment type: salaried, self-employed professional, or self-employed individual • Property must meet the lender's assessment criteria • Existing financial obligations are considered when calculating repayment capacity Per RBI guidelines, lenders cannot finance the full value of a property. Borrowers are generally required to contribute a down payment of 10% to 20% of the property's purchase price, with the lender financing up to 80% of the assessed value.

What documents does every joint applicant need? Each applicant must submit their own set of documents. One incomplete set can delay the full application.

Document category Specific documents required Required from each applicant? Identity and address proof Aadhaar card, PAN card, passport, or voter ID Yes Income proof Salary slips (salaried) or P&L statement (self-employed) Yes Business proof GST registration, business licence, or trade certificate Self-employed applicants only Last six months' bank statements Bank account statements Yes This is an indicative list of documents required for home loans. Bajaj Finance may request additional documents based on your specific profile and loan type.

How does the application process work? A joint home loan follows the same process as a standard home loan, with all applicants submitting their details together.

1. Confirm that all applicants meet Bajaj Finance's eligibility criteria.

2. Identify the property and decide on the loan amount you need.

3. Submit the joint application online with the details of all co-applicants.

4. Complete identity, income, and property verification for each applicant.

5. Review the loan offer, including the interest rate, tenure, and applicable charges.

6. All applicants sign the loan agreement.

7. Loan disbursal takes place after all required checks are completed.

For eligible applicants, Bajaj Finance approves many home loan applications within 48 hours* after document submission.

How can Bajaj Finance fit into your decision? If you're buying your first home For eligible salaried applicants, interest rates at Bajaj Finance start at 7.25%* p.a., with EMIs from Rs. 671 per lakh* and repayment tenures of up to 32 years*. A longer tenure reduces the monthly EMI but increases total interest paid: a trade-off to weigh based on your income stability.

If you're transferring an existing home loan Bajaj Finance offers a balance transfer option with interest rates starting from 7.30%* p.a. for borrowers switching from another lender. Eligible applicants may also access a top-up loan of up to Rs. 1 crore* over and above the transferred amount, which can be used for home repairs, medical needs, or other financial requirements.

If repayment flexibility matters For individual borrowers who choose a floating interest rate, Bajaj Finance does not levy additional foreclosure charges when closing the loan early or making part-prepayments, subject to applicable terms. The lender has more than 5,000 approved projects, which can speed up the property verification stage.

Choosing a joint home loan starts with choosing the right partner A joint home loan can improve borrowing capacity when both applicants qualify, but every borrower shares responsibility for repayment throughout the tenure. Review affordability carefully, discuss repayment expectations with your co-applicant before you commit, and confirm that all parties meet the eligibility criteria. If the arrangement suits your financial plans, you can check your eligibility and apply for a Bajaj Finance Home Loan online.

(Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.). PTI PWR PWR