Hey friend,
Taking a home loan is an extensive process. You must have many questions about co applicant in home loan. In this answer, I will be sharing with you the advantage of having a co applicant and whether it is a necessity or not. Keep reading below to know more.
Is co applicant mandatory for home loan in India ?There are no rules which state the requirement of a co-applicant for availing a home loan. The requirement of a co-applicant is not mandated by banks or financial institutions like RBI.
To simply answer ‘ is co applicant mandatory for home loan’. No. co-applicants are not mandatory for home loans. If you meet all the eligibility requirements or criteria. You can avail a home loan without a co-applicant. You will just need to submit documents for the verification process.
What are the advantages of co applicant in home loan :Banks favour co-applicants for the following reasons :
Improved loan Eligibility
Diversification of the risk involved with lending
Better chances of timely loan repayment
Enhance the existing loan amount.
If you want you can avail of a loan with a co- applicant. This co-applicant can be an Indian citizen or an NRI. The responsibility of the loan repayment will be shared by co applicant in home loan.
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Authors Of The Question
Is co applicant mandatory for home loan ?
Dhriti
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2 Year
2022-03-14T18:03:49+00:00 2022-03-14T18:03:51+00:00Comment
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