Can I Take Home Loan and Personal Loan Together?

Can someone get a personal loan and a home loan at the same time?

This blog post will give a detailed answer to this question and explain important things that will increase your chances of getting both loans approved simultaneously.

Can I Take Home Loan and Personal Loan Together?

Is it possible to have both a home and a personal loan at the same time if you already have a personal loan and need money for a house? Yes, that’s the answer. There is no limit on how many loans a person can get simultaneously so that a borrower can take out more than one.

The most important task is managing the loan payments for multiple loan accounts. Getting a home loan and a personal loan at the same time is a very risky move. So, it’s important to have a well-organized financial plan that includes paying EMI on time and taking care of other important financial tasks.

Also, it can be very helpful to get a home and a personal loan simultaneously. First, a person who wants to borrow money must show the lender they can be trusted.

Why should one consider opting for a personal loan & home loan together?

Up to 20% of the home’s price must be paid upfront as a down payment when bought. The different fees can also be big, up to about 5–7% of the property’s value, which a home loan may not cover. Depending on the buyer’s finances and the house’s costs, making a full payment may take much work. It’s where a personal loan can help you out by giving you money for the down payment on your home.

Taking the decision

Debt is a responsibility, so you should always think carefully about whether or not to borrow.

You need to know that a Personal Loan is an unsecured loan given to you based only on how good your credit is. It doesn’t ask for any security to get money.

They pose a bigger risk to the lender than a secured loan like a home loan. Because of this, it costs more to get a home loan and requires a higher credit score than a secured loan. It is still useful because it can be used for anything.

Before signing the loan agreement, you must use the online EMI Calculator to figure out how much the extra loan will cost. Knowing how long you want to keep making additional EMI payments is also important. Make a plan to pay back your debts and try to save money for emergencies. If you want to prepay, you should have a clear plan.

Below are some factors to keep in mind for getting funds for both loans are:

A good credit score: When you apply for a loan, the lender will look at your credit score to see if you can pay back the debt. A credit score shows how often and on time a borrower pays back loans. If your credit score is at least 700, you should be able to get approved for both loans at the same time.

Debt-to-income ratio: A higher ratio of debt to income makes you feel bad. It shows that you are a high-risk candidate, which could make it harder for you to get both loans. Lenders want to know how much you make and how much goes toward paying off debt. In an ideal world, you should only spend half of your income on paying off your debts. It includes loan EMIs and other financial obligations.

Apply for a flexible-term personal loan: Find a loan with flexible repayment terms so you can keep track of both loans. FINTITUDE loan services allow you to take out money from the total loan amount as you need it. Also, you will only pay interest on the amount you take out. Also, loans with flexible terms let you pay them off early, which make a busy EMI schedule less stressful.

Co-apply to show you can pay back your debt. This is one way to show lenders you can pay back your debt. You can apply with your spouse or parents at the same time. Lenders feel more confident when they see proof of income from more than one person. It will also make it more likely that you can get both a home and a personal loan simultaneously.


So, you can get both personal and home loans simultaneously. However, you must have a good credit history and the ability to repay the loans. If you follow the tips above to the letter, you’ll be able to get both a home loan and a personal loan without too much trouble. For more information contact FINTITUDE.