Joint Home Loan: Understand Responsibilities Beyond Shared EMIs

• Both borrowers are fully responsible for the entire loan amount, regardless of who pays the EMI.
• Ensure co-borrowers are also co-owners to avoid tax and legal complications.
• Tax benefits require co-ownership, co-borrower status, and actual EMI contribution.
• Joint loans impact both credit scores; timely payments benefit both, delays harm both.
• Exiting a joint loan is complex, often requiring one borrower to qualify alone or property sale.

Why It Matters: A joint home loan offers benefits but demands clear understanding of shared responsibilities and long-term implications.