17-May-2017 written by : FSI-Team
Owning your own house is one of the best feelings in the world. It gives a deep sense of satisfaction and pride, and more than that- you save a lot of money in the long run, which you would otherwise have to pay in the form of rent. If you want to buy your own house but don't have the money for that, then getting a home loan is an excellent option. However, if you have a poor CIBIL score then getting one can be really though, and your options will be limited. In the best-case scenario, you will have to do with one that has a high interest rate, which isn't a good idea either. So, is there another way? One of the best ways to get a home loan at an affordable home loan interest rate, or to get one at all, is through a joint loan.
A joint loan is exactly what it sounds like- it's a loan taken by two applicants rather than just one.
A joint loan is a good option for those who want to share the divide the financial burden, or don't have a good CIBIL score to apply them.
If you are unable to obtain a home loan yourself, then you can take the help of your spouse or a family member by making them a co-applicant of the home loan. If their credit score is good then your lack of the same will be balanced and the chances of getting a home loan will also improve greatly.
Joint loans can have a number of advantages in certain situations. Some of these are:
Obviously, joint home loans have their own advantages. However, this doesn't mean you should apply for one impulsively. There are a few things that you must be aware of before you make any decision. These are:
All in all, while it's true that joint home loans are risky, if your co-applicant has a good CIBIL score and are trustworthy, then there is no harm in applying for one. However, be sure to check your CIBIL score. You can easily get your free CIBIL score from the official CIBIL website once a year. If your score is low then can also improve it with time. It can help you if you want to get a home loan in the future without adding another co-applicant.