SBI home loan will take the spouse’s salary or income into consideration if the home loan is taken as a joint loan with more than 1 applicant. 

What is a joint home loan?

A joint home loan can be availed along with a co-applicant especially when one requires a higher loan amount. This also allows the borrowers to share the financial burden equally. Such loans are taken jointly in the name of two people, one will be a primary applicant and another a secondary applicant.

  • Joint home loan interest rates in India start from 6.65%.
  • Each co-applicant can claim tax benefit through such loans.
  • An applicant can add his wife as a woman co-applicant and avail discounted rates offered by banks like SBI for women borrowers.

What are the benefits of a Joint Home Loan from SBI?

Mentioned below are some of the advantages offered by joint home loans from SBI:

  • Higher loan amount: Joint loans allow applicants to borrow higher loan amount since banks calculate loan amount eligibility in proportion to the income of the applicant and co-applicant. 
  • Tax benefit: With a joint home loan, a co-applicant can claim a higher tax benefit on a home loan. Each applicant can separately enjoy tax benefits on the principal amount and the interest amount within the applicable limits. However, the total benefit that can be availed must not exceed the actual amount borrowed.
  • Lesser risk: Since the repayment accountability for a home joint loan is on both the borrower and co-applicant, it doesn’t burden only the borrower and there is a lesser risk of defaulting.

SBI home loan can be jointly borrowed so that the spouse’s income gets considered and benefits like shared responsibility, higher loan amount, etc can be availed.