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Is it Possible to Apply for a Loan Against Property if it is a Joint Property?
9 May 2020

Yes, Why not?

The approach is all owners will be accountable for the repayment of the loan.

Our home or any commercial/plot property we own can be a saviour when we need cash in bulk in certain urgent situations such as child's higher education, business extension, home renovation, hospital expenses, etc.

When applying for a loan against property, the procedure and documentation are a little bit different if the property has multiple owners.

In this article, all your inquiries related to joint property loan will be cleared. Also, you will learn about crucial aspects you need to reconsider before go for a joint property loan.

In which circumstances will you not get a loan in case of joint property ownership?

  • If other property owners refuse to sign the loan application, you will not get the loan.
  • If your property already has a running loan. Make sure to ask for the second loan only after the first loan's tenure ends
  • If your property is involved in any legal issue, the chances of getting a loan are relatively less.
  • If you are breaking the law or the policies such as applying for a loan without informing other owners, the verification team will find soon and blacklist your profile.

What would you do if the second owner refuses to sign or allows you to take a loan against property?

This is the most frequent obstacle an individual faces in India when applying for a loan against property.

Example: If the ownership of your house is divided amongst multiple owners, there are chances that one of the co-owners is not interested in any loan.

The solution is to consult with your NHB based loan provider. They may be able to give a loan on your share of the property or assist you with another option.

What is a loan against property interest rates? Are you getting any special rates?

As compared to personal loans, you will get lesser interest rates.

The final interest rate depends on the loan amount, tenure, etc. To refer to the general interest rates, check the table below:

Commercial property: 10.50% - 11%

Residential property: 10.25% - 10.75%

Loan against Plot: 11.25% - 11.75%

How many documents are necessary for LAP if the property ownership is joint?

  • All owners need to provide their proof of age (Aadhar, Voter ID, pan card etc.)
  • Property documents (All the owners' names should be mentioned in that document)
  • Salary slips/bank statements/ITR of all property owners.
  • Photographs

How to apply?

  • Use an online eligibility calculator to check loan amount eligibility
  • Fill the necessary details of all the co-applicants/co-owners, including yourself, in the online form.
  • Submit
  • Wait for the loan the provider's response; they will reach out to you and personally verify the property and collect all the relevant documents.
  • The loan will be disbursed within 1-2 weeks.


Avoid personal loans, if your EMI budget is small or you want a longer tenure (up to 20 years). Besides, loan against property interest rates is quite affordable. And do not forget that you have a free personalized doorstep consulting service for any query.


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