My husband and I wanted to buy a house in the Newtown area of Kolkata for a really long time. This year we thus opted for a home loan. He was the one to avail it mainly and I applied as the co-applicant, a person who applied along with him as a borrower. To check my eligibility, they went through my CIBIL score, source of income and other vital things. So my query-
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is CIBIL report of home loan co-applicant checked or not got answered by them at that very moment. I also found their point valid for checking it. Many of you might not be knowing why is it important so let me share what I learnt about it.
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Will co applicant CIBIL is important for home loan?
You can get your loan easily approved if you have a co-applicant with you however it is not compulsory. But when they asked me for my CIBIL score, my concern was is co applicant CIBIL issue is there in home loan and learnt it somehow is. If the main borrower fails to repay the debt, I must be paying it hence my CIBIL score got checked. If I had a poor CIBIL score, our home loan might not even have got approved so having a good CIBIL score was fruitful.
What are the eligibility criteria to be a co-applicant?You need to be related to the main borrower to be a co-applicant like
Father and son
Unmarried daughter and father
Brother and sister
Husband and wife
Friends can also become a co-applicant but ask the bank what criteria they need to follow to be one but minors cannot be a co-applicant.
I hope this answers why is CIBIL report of home loan co-applicant checked.
Read more:What is a good CIBIL score for home loan?
How to check CIBIL score?
Is co applicant mandatory for home loan?
How to remove co applicant from home loan?
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Is CIBIL Report of Home Loan Co-Applicant Checked?
Hemanti
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2022-12-29T22:04:52+00:00 2022-12-29T22:04:53+00:00Comment
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