Uttar Pradesh, India (PressExposure) August 13, 2009 -- Joint Home Loans are home loans where the the responsibility of paying up the loan is not on one individual but rather can be payed by more then one individual. Joint Home Loans are home loans for individuals who intend to buy the house together and pool all their financial resources.
Joint Home loans can be taken by husband and wife couple, a brother and father duo or even a group of friends. It is a much more safe investment on the part of the bank. Here the responsibility of paying up the loan does not fall on one person but more then one. Thus the risk of the bank to get a Non Performing Asset (NPA) is reduced by the appropriate times. If one partner is not able to pay the responsibility falls on the other partners thus saving the bank of going through the headache of seizing the asset and then putting up for sale.
This process is rather arduous and the banks usually try to avoid these series of steps as much as they can. Joint Home Loans also help increase the range for which the applicant is eligible, thus larger amount of funds can lent. Joint Home Loans also sometimes charge lower interest rates and give better and easier conditions to joint applications.