Purchasing a house has always been considered one of the biggest accomplishments in life in our country. However, some people find it difficult to be eligible for a housing loan due to a low credit score or poor financial circumstances. You don’t have to worry if you’re one of them because you can still apply for a housing loan, with a co-applicant. Let me tell you who is co applicant for home loan:
A co-applicant is a person who applies along with the borrower for a housing loan. He/she shares the responsibility of making the housing loan repayments along with the primary borrower. You can add a co-applicant to improve the chances of meeting the eligibility criteria for the housing loan, for the primary borrower. However, you can apply for home loan without co applicant as well.
If the co-applicant isn’t the co-owner and fails to repay the loan, they lose all the rights over the house. I want to tell you that co-applicants who aren’t co-owners can’t enjoy any tax benefits on the housing loan repayments which the primary borrower can enjoy. Now you know about the rights of co applicant in home loan.
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Who Can Be Co Applicant for Home Loan
- Husband and wife
- Father and son(s)
- Parents and unmarried daughters
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Authors Of The Question
Who can be co applicant for home loan?
Ojaswi
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3 Year
2021-12-30T15:01:52+00:00 2021-12-31T16:23:02+00:00Comment
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