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How Advantageous is Home Loan for You?
by Manya Verma Health care and lifestyleWhile planning to take a loan for a
dream home, it is essential to opt for a joint home loan for a ready to move flat in Keshwana. This
not only lessens the burden of debt but also opens an opportunity to get a higher
loan as the income of co-borrowers will also be considered. However, there can
be as many as co-applicant when it comes to taking a joint loan. A person
cannot assign anyone as a co-borrower as long as he or she is a partner, blood
relative or children. There are a lot of banks that allow a joint loan to
brothers if they are the co-owners of the property like housing projects in Keshwana. In such cases, the co-borrower is
also liable to pay the entire loan amount. However, in some cases, the co-owner
is also a co-borrower in a joint loan according to a bank.
Who all are not accepted as a co-borrower?
If the co-applicant is a spouse,
banks do not ask them to have co-ownership of the property. But if they are
parents or siblings, co-ownership is compulsory by the bank. While we are aware
of who all can be an applicant of the joint loan, it is important to understand
the people can’t be one. There are certain restrictions when it comes to
choosing a co-applicant.
·
Friends
and sisters are usually not permitted to apply for this kind of loans. They can
be a co-owner while purchasing a property but can’t be when it comes to
applying for a joint loan.
·
If
siblings are applying for a joint loan, it is important for the applicants to
convince the bank to make them the co-borrower for the loan. They will have to
provide proof about sharing the responsibility at a common home. It is
important for the person presented as a co-borrower to cross the marriageable
age.
·
There
are certain criteria set by the financial lender to make a person a co-borrower
for a loan. Unmarried couples are denied from being the co-borrower as these
relationships are not stable and can disappear anytime if things go wrong
between the people.
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About Manya Verma 
Health care and lifestyle
60 connections, 1 recommendations, 202 honor points.Joined APSense since, June 18th, 2018, From Gurgaon, India.
Created on Mar 28th 2019 05:43. Viewed 489 times.
