Augmented Loan Amount- The banks always want to be on safe side and hence they loan amount according income of applicant but when you combine your income with your spouse the loan amount increases variably.

Acceleration in Income Tax Benefits- Home Loan provides tremendous income tax benefits and when you are taking a joint loan the benefits all the more increases and the best part is that both you and your spouse can claim income tax benefits on particular amount as set under Income Tax Rules, 1961

 No of Persons- The number of persons who can take joint loan is approx 4 and 6 depending upon their individual profiles.

 Ponder these Facts

• If you and your spouse have similar income level then it is best to opt for equal co ownership of property and split the tax benefits of home loan equally. In case your salary level is not similar then let the partner with higher salary bracket pay higher contribution in home loan so that both of you can avail tax benefits.
• There are certain disadvantages too in taking home loan on joint basis like if you plan to purchase second house in prospective years to come then one of them will be treated as self occupied and another will be treated as deemed to be let out house and on that you have to pay income tax on an amount of rent as per prevailing market rates hence you pay income tax on income which you still aren’t earning.  
• Take home loan in joint name only if you need greater loan amount or if income tax savings by taking home loan in joint name is more than taking on individual’s name.
• Avoid taking loans in joint names if your salary is enough to suffice EMI or loan eligibility requirement, income tax savings is not significantly higher than single name loan or if you wish to purchase another home in prospective years to come.

In epilogue, taking home loan has significant advantages but it has certain disadvantages too.

For more information regarding home loans visit  internet banking and visit online calculator for calculating installment of loans.