Srinagar, Aug. 31 -- Signing a joint home loan feels like sharing a burden. The loan sanction letter lists two names, while two salaries support the application. This arrangement seeks to divide the debt in two.

Insurance gets bought on that same assumption, and the assumption is wrong. Joint borrowing does not split the debt into two halves, and this changes how much cover each partner actually needs.

This blog works out the right number for each person and compares the benefits of a single joint policy versus two separate ones.

Does The Survivor Owe the Whole Loan, Or Half of It?

The joint liability means each borrower is responsible for the entire outstanding amount, instead of just having a share in it. If one partner dies, the le...