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

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

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Housing Loan

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.

  • 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.

  • 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.

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