What is joint borrowing ?
The process in which the loan is taken with a co borrower is termed as Joint borrowing. Once the application is sanctioned , the personal loan or credit card is issued in both of the names. Both the parties are responsible for paying the debt. This can also have an impact on your credit scores.
Crucial factor in application of a Joint Loan
The EMI (Equated Monthly Instalment) amount is the most crucial factor to consider when making a combined personal loan application. The borrower will make monthly payments of this amount. This amount can be calculated with the aid of a personal loan EMI calculator. The combined personal loan eligibility calculator also determines the total amount and interest that must be paid if the loan is taken out.
Joint Home Loans
The cost of real estate is typically higher in India’s major cities. So it would be logical to apply for a loan jointly. The husband and wife’s combined incomes increase the joint house loan eligibility.
Finally, because the husband and wife jointly pledged the offered security, granting the loan was made easier.
For female applicants, several banks and Private Lending Institutions provide a significantly reduced interest rate. For a couple whose repayment amount is likely to be substantial, this discount shows to be of great value. The amount of equivalent monthly instalments (EMIs) that must be repaid decreases with a low rate.
By Anisha Sengupta, Edited by : Subhechcha Ganguly
