{"id":189,"date":"2020-04-21T17:21:00","date_gmt":"2020-04-21T17:21:00","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=189"},"modified":"2020-04-21T17:21:00","modified_gmt":"2020-04-21T17:21:00","slug":"know-the-co-applicant-in-home-loan","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/know-the-co-applicant-in-home-loan\/","title":{"rendered":"Know The Co- Applicant In Home Loan"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Meaning: <\/strong><\/h3>\n\n\n\n

A co-applicant in a home loan means a Co-borrower of the loan. He\u00a0is a person who applies\u00a0for a loan\u00a0along with the borrower and\u00a0accepts the responsibility for repaying a debt\u00a0along with the primary borrower.<\/p>\n\n\n\n

Who can be a Co- applicant?<\/strong><\/h3>\n\n\n\n

1) A Co-applicant has to be in blood relation to an applicant. He can either be a spouse (husband or wife), children (son or daughter), parents (father or mother) & siblings (brother or sister).<\/p>\n\n\n\n

Banks do not encourage friends or distant relative as a\nco-applicant for a home loan. <\/p>\n\n\n\n

Note: The income of only unmarried sister and daughter is considered for additional\u00a0loan eligibility.<\/p>\n\n\n\n

2)\nAll property co-owners have to be\nco-applicants to the home loan.<\/p>\n\n\n\n

3) Co-applicant can either be\nSalaried\/self-employed\/pensioner\/housewife\/student and even a company.<\/p>\n\n\n\n

What should\nbe the age of Co- Applicant?<\/strong><\/h3>\n\n\n\n

A Co-applicant cannot be a minor. Eligible age for co-applicant is a minimum of 21years and maximum of 75 years.<\/p>\n\n\n\n

Why add a co-applicant to the\nloan?<\/strong><\/h3>\n\n\n\n

1)\u00a0A loan co-applicant is mandatory with many banks.\u00a0<\/p>\n\n\n\n

2) A\nco-applicant so added becomes equally liable for repayment of the loan amount\ntaken in case of default by the primary applicant. <\/p>\n\n\n\n

3) It enhances the loan eligibility of the primary applicant.<\/p>\n\n\n\n

4) In the absence of co-applicant, a guarantor is mandatory to the home loan who is required to repay the loan default if any by the so applicant, and hence should be financially eligible (income-wise). Guarantor’s KYC and financials are submitted along with that of an applicant.<\/p>\n\n\n\n

Is it\nmandatory to consider co-applicants incomes?<\/strong><\/h3>\n\n\n\n

It is not mandatory to consider co-applicants income. But it helps to increase\u00a0the loan eligibility by simply adding a co-applicants earning.\u00a0<\/p>\n\n\n\n

What\nco-applicant’s documents are required?<\/strong><\/strong><\/h3>\n\n\n\n

If co-applicant’s income not considered for loan eligibility\n\u2013<\/p>\n\n\n\n

Only KYC (Pan Card, Aadhar card, residential proof) and\npassport size photograph.<\/p>\n\n\n\n

If co-applicant’s income considered for loan eligibility \u2013<\/p>\n\n\n\n

 KYC – Pan Card, Aadhar card, residential proof, <\/p>\n\n\n\n

Passport size photograph and <\/p>\n\n\n\n

Financial documents: – Salary slips+ form16+ bank statement –\nfor Salaried & ITR copy, bank statement – for self employed.<\/p>\n\n\n\n

Does a\nco-applicant receive tax benefits?<\/strong><\/h3>\n\n\n\n

A co-applicant who is not a co-owner is not entitled to tax\nbenefits on home loans. <\/p>\n\n\n\n

Conclusion:<\/strong>\nAll Banks\/NBFCs has their own rules and conditions on Co-applicant. <\/p>\n\n\n\n

Loan co-applicant seems to be mandatory with many banks but\nthere are certain banks that prefer to process loan only in the name of primary\napplicant.<\/p>\n","protected":false},"excerpt":{"rendered":"

Meaning:  A co-applicant in a home loan means a Co-borrower of the loan. He\u00a0is a person who applies\u00a0for a loan\u00a0along with the borrower and\u00a0accepts the responsibility for repaying a debt\u00a0along with the primary borrower. Who can be a Co- applicant? 1) A Co-applicant has to be in blood relation to an applicant. He can either …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-189","post","type-post","status-publish","format-standard","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts\/189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/comments?post=189"}],"version-history":[{"count":1,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts\/189\/revisions"}],"predecessor-version":[{"id":191,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/posts\/189\/revisions\/191"}],"wp:attachment":[{"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/media?parent=189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/categories?post=189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.loanfasttrack.com\/blog\/wp-json\/wp\/v2\/tags?post=189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}