New Delhi, April 9 -- Joint home loans are increasingly becoming popular in India, especially among young couples and nuclear families looking to construct or purchase a new house.

A joint home loan is a financial arrangement in which multiple individuals share the responsibility of loan repayment.

This kind of arrangement has several advantages and disadvantages.

This write-up discusses the key pros and cons of taking a joint home loan.

Couples should fully understand the loan agreement, terms, and conditions before opting for a joint home loan. It is also important to discuss the legal ramifications of not paying the loan with a certified financial planner even before applying for a joint home loan.

Proper legal documentation, such...