Who can be your Co Applicant?

The chances of getting the desired eligibility, desired tenure, and the desired loan itself reduces in the descending order as indicated in the figure.

1) Spouse: Banks happily accept the loan application.

2) Self: Possible in most banks. However, Some Banks insist on a co-applicant with or without income consideration of the co-applicant.

3) Parents: Income of parents as co-applicant is also possible but some banks will restrict the tenure based on parent’s remaining years of service.

4) Siblings:It is possible in some banks.

5) Relatives: Distant relatives are a difficult proposition.

6) Friends: Very difficult as of now, but things could change in future if new trends emerge.A possible trend could beholiday homes being purchased by few friends coming together.

Co-Applicant Rules:

If property will be co-owned and registered with any co-applicant (with or without income consideration) then it is a must to include them in the loan application.

However, you can include the co-applicant for income consideration and banks allow you to register the property only in your name.