A co-applicant (or co-borrower) in a home loan is someone who joins the primary borrower in applying for the loan, and their income, credit history, and repayment liability are considered, thereby increasing the applicant’s eligibility and loan amount potential. So, who can be co applicant for home loan? While having a co-applicant is not mandatory, if the property is jointly owned, all co-owners must also be co-applicants on the home loan. Usually, close family members are accepted as co-applicants.
Who can be Co Applicant in Home Loan?
Banks generally do not allow friends or distant relatives to fill this role. Specific eligible relationships include:
Husband and wife, where both incomes may be considered for loan eligibility
Father and son, especially if the son is the only son and they jointly own the property the property must be jointly registered. The father can only act as a co-applicant, not the primary borrower
An unmarried daughter and father, though the father’s income is not factored into eligibility, to avoid complications post-marriage.
Brothers may co-apply, provided they currently live together and will continue to do so in the new property; however, a brother cannot list a sister as co-applicant, and a female applicant cannot choose her sister as co-applicant.
Importantly, minors are not permitted to be co-applicants.
I hope this helps!
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- Husband and wife
- Father and son(s)
- Parents and unmarried daughters
Who can be co applicant for home loan?
Ojaswi
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2021-12-30T15:01:52+00:00 2021-12-31T16:23:02+00:00Comment
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