New Delhi, Aug. 25 -- If you have taken a joint home loan and the co-borrower dies, you may assume that continuing to pay the EMIs will give you full ownership of the house. But that is not necessarily the case.

Amitraj Kaushal, Advocate, Supreme Court of India, explained the key conditions every joint home loan borrower should know.

Kaushal explained that in most joint home loans, both borrowers sign on as 'joint and several' obligors. The moment one co-borrower passes away, the entire responsibility for the remaining EMIs falls on the surviving borrower by default,

He said it does not matter who was actually paying more of the EMI while both were alive. The bank cares about recovering its money, and the loan agreement usually already...