Can Siblings Take Joint Home Loans in India?

If you wish to take a home loan but are unable to do so due to poor eligibility, taking a joint loan can help. With a joint home loan, you can share the responsibility of the loan burden with your co-applicant. Joint home loans can also help you avail a higher loan amount and buy a better house.

So, if your home loan has been rejected due to low eligibility, or you are unsure if your application would be approved, you can opt for a joint loan to boost the chances of loan approval. However, there could be some questions that you might have such as: who can be your co-applicant? Can you take a joint loan with your sibling? 

Features of a Joint Home Loan

  • A joint home loan can be taken with parents, siblings or spouse.
  • 4-6 people can take a joint loan depending on their credit score and eligibility
  • All co-applicants should be co-owners of the property
  • Though there is no restriction on two brothers taking a joint home loan, lenders do not allow sisters to avail a joint home loan as co-applicants.
  • All co-applicants are eligible for a tax deduction on home loan individually


When you avail a joint home loan with your siblings, you can easily avail a high value loan. The eligibility of all the co-applicants is considered during application review, which enhances your overall eligibility and thus your loan amount. So, if you wish to buy a bigger house or a house in a posh locality, taking a joint home loan can help.

When you take a joint loan with siblings, ensure that they have a good credit score. They should also meet all the home loan eligibility criteria individually.  Also, you should inquire with the lender about who you can take a joint loan with. Many lenders disallow brother-sister duo to take a joint loan. Typically, a joint loan with brothers as co-borrowers is the most preferred pair.

Repayment Process of Joint Home Loans

  • All co-applicants are collectively responsible for the repayment of the home loan
  • Just like a regular home loan, co-applicants can repay the loan through a check or electronic clearing system from a single account or joint account.
  • If one applicant fails to pay the EMI, the other will be liable to make the pending payment. In case of default, all will be responsible for the consequence.
  • Co-applicants can share the EMI payment according to them. They can choose to pay alternate EMI or they can set a system where a specific number of EMIs are paid by one and the balance by another co-applicant.

However, as you might know, home loans involve a huge amount of money, this is why you must be careful while choosing the lender and deciding your loan tenure. After all, home loans will not only affect your finances, but your co-borrower’s too. Thorough research on all the aspects of a home loan would save you from any inconvenience later.

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