Due to the very nature of a home loan, which entails a large sum of money and long repayment tenure, a co-applicant works out to be a relatively significant corpus. Most home loan borrowers find it a daunting thought to imagining the way in which this huge burden of amount could in some way be reduced. Remember, your dear ones can commit you more than emotional support when you decide to go in a home loan..
Every lender grants two or more persons to jointly apply for a home loan. By applying along with a co-applicant, your eligibility increases and you can avail a higher loan amount. However, only people with certain specified relationships like father and son, husband and wife, brothers are authorized to apply as co-applicants. Besides these, other relationships are not allowed as co-applicants. Furthermore, the co-applicant requires having a regular source of income. All co-applicants are not enforced to co-own the property but if there are co-owners in a property then all of them need to be co-applicants. While choosing a co-applicant, confirm that his credit history is good with no loan debts.
Visit- www.cibilconsultants.com
Source: Secondary
Visit- www.cibilconsultants.com
Source: Secondary
No comments:
Post a Comment