Have you and your spouse decided to buy a house with the help of a joint home loan? Exciting as the prospect of purchasing a house seems to a married couple, they need to consider both the advantages and drawbacks of taking a joint loan.

While most banks make it mandatory to have a co-applicant for a home loan, some even insist on the co-owner being a co-applicant. However, the reverse may not be true, which means that the co-applicant may not be the co-owner.

for repaying the loan in case the primary applicant is unable to service it.

Bigger loan

Compared with an individual loan limit, you will be eligible for a higher loan as a couple. So if your individual eligibility for a loan may be Rs 30 lakh, combined with the spouse’s limit of, say, Rs 20 lakh, your combined loan limit could go up to Rs 50 lakh and you may be able to buy a bigger house.