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Co-borrowing a home loan: How does it work? PowerPoint PPT Presentation


Use the interactive home loan calculator to calculate your home loan EMI. Get all details on interest payable and tenure using the housing loan calculator

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Co-borrowing a home loan: How does it work?

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Housing loan

Housing Loan


Co borrowing a home loan how does it work

Co-borrowing a home loan: How does it work?


Co borrowing a home loan how does it work

  • Buying a home is a painstaking exercise. If you are buying one with loan then it is all the more difficult.

  • You have to really stretch yourself to ensure the bank gives you the right loan amount. Even if there is a shortfall of Rs 1 lakh, it can destroy your dream of buying a home.

  • If you have been in such a situation you would have considered the possibility of adding a co-borrower to your loan application to make things easier for yourself.


Co borrowing a home loan how does it work

  • Who can co-borrow? Co-borrowing can be done between two to six individuals. There are rules governing such borrowing arrangements.

  • The most ideal co-borrowing arrangement is between spouses.

  • They can jointly take a loan even if they are not co-owners of a property.

  • In a co-borrowed Housing Loan between a father and child, the lender may insist that the child be the primary owner of the property.


Co borrowing a home loan how does it work

  • How does co-borrowing help? Co-borrowing raises the loan amount eligibility.

  • For example, you as an individual may be allowed to borrow Rs. 60 lakh. But your requirement may be of Rs. 80 lakh.

  • By adding a co-borrower whose credit history allows him to take a loan, you may jointly raise your eligibility to Rs. 80 lakh.


Co borrowing a home loan how does it work

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Co borrowing a home loan how does it work

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https://www.hdfc.com/home-loan-emi-calculator

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