It’s not possible to get two loans on the same house as the property can be used as the collateral for only one loan. However, both can apply jointly for a single loan on the same house. Having spouse as the co-applicant is the best combination for getting higher approval on a housing loan.
By having your spouse as the co-applicant or co-borrower, both of your income and credit score will be considered. With the combined income and good credit score of both of you, you are very much likely to get approved for a higher loan amount at better terms. With a woman being a co-applicant, you can enjoy reduced interest rate on the home loan.
Home loan is eligible for tax deduction of Rs. 1.5 Lakhs under section 80C of the Income Tax Act. This can be availed by each applicant which is an advantage to your tax planning.
On the downside, if there are nay defaults, it can affect the credit score of both the applicants.
Looking for a housing loan? You can now check your eligibility here for free.
Additional Reading: 4 Ways Taking a Joint Home Loan Can Save You Lakhs