Terms For Adding Co-applicants To A Home Loan Application

By Kavya Balaji | October 6, 2017

Having a co-applicant could enhance your Home Loan eligibility. But you can’t just add anyone as a co-applicant. Here are the terms and conditions.

Terms For Adding Co-applicants To A Home Loan Application

We often get the question, ‘What do you mean by co-applicant on a Home Loan?’ As you might know, you can apply for a Home Loan either as a single applicant or along with other borrowers as co-applicants. A co-applicant for a Home Loan is a co-borrower. Co-owners are always co-borrowers but all co-borrowers need not be co-owners. This means that any person who is a co-applicant needn’t own the house being bought.

Can anyone be a co-applicant? No. There are many terms and conditions imposed by lenders when you want to add a co-applicant to your Home Loan application. But let us first look at the advantages of adding co-applicants.

Enhanced eligibility

The main advantage of adding a co-applicant to your loan application is that it enhances your eligibility for the Home Loan. In the case of a joint loan, the income of all co-applicants will be considered while determining eligibility. However, you must understand that the income of co-applicants will be considered for loan eligibility only if such income is regular.

Additional Reading: Your Guide To The Home Loan Application Process

Equal liability

All co-applicants are equally liable to repay the loan. So, in case you are not able to pay your EMIs, you can ask your co-applicants to pitch in.

Tax benefits

All co-applicants in a Home Loan can avail the tax benefits that come with it. This includes the principal repayment benefit under Section 80C for up to Rs. 1.5 lakhs and the interest repayment benefit for Rs. 2 lakhs under Section 24 of the Income Tax Act. However, co-applicants can claim the tax benefits only in the proportion in which they own the property. Property is not in their name? They won’t be able to claim tax benefits.

If the total interest or principal paid is more than the permissible limit, then each co-applicant can claim the maximum benefit. For example, if total interest paid in a year is Rs. 5 lakhs and total principal paid is Rs. 5 lakhs and there are two co-applicants, then each of them can claim Rs. 2 lakhs for interest repayment and Rs. 1.5 lakhs for principal repayment.

Additional Reading: Should I Prepay My Home Loan If I Get Extra Money?

Now, that you know the advantages of having co-applicants, let’s look at the terms associated with it.

Who can be your co-applicant?

Not all relationships are acceptable by lenders. Friends or those who are not blood relatives are generally not allowed to be co-applicants. So, a co-applicant can be your spouse, parent or any other blood relative. It is important to check with your lender about adding a relative as a co-applicant before actually filling up that application.

As we mentioned earlier, lenders require all co-owners of a property to be co-applicants of the loan. However, the reverse needn’t be true. That is, co-applicants in a Home Loan need not necessarily be co-owners of the property. However, the owner of the property should always be the primary applicant of the loan.

Additional Reading: All You Need To Know About Home Loan Eligibility

Spouse: Husband and wife can be co-applicants of the loan even though they may not be co-owners of the property. The maximum tenure of the loan will be determined based on the retirement age of the oldest applicant.

Siblings: Can brothers take a joint Home Loan? Certainly. Two brothers can be co-applicants on the Home Loan though some lenders insist that the brothers stay together on the same property and continue to stay together in the new property as well. Also, some lenders might insist that the two brothers be the co-owners of the property. However, a brother and sister cannot be co-applicants for the loan. Similarly, two sisters cannot be co-applicants when applying for a Home Loan.

Parent and minor child: A parent cannot co-apply along with his/her minor child for a Home Loan. Co-applying with one’s son or daughter is possible but is subject to the conditions given below:

Additional Reading: Tips To Manage Your Home Loan

Son and father: The rules pertaining to a son and father being co-applicants are quite clear. If there is only one son, then either the son or the father can be the main owner. However, both should be joint owners of the property. The income of the son as well as the father can be considered if the borrower wants the lender to do so.

The maximum tenure is generally restricted to the retirement age of the father in this case. In case the father has more than one son, lenders might insist that the father not be the main owner of the property. This is because all sons are legal heirs to the property after the father’s demise. However, the father can be the co-applicant and his income can be considered for increased eligibility of the Home Loan.

Daughter and father: An unmarried daughter can apply for a Home Loan jointly with her father. However, many lenders impose a condition that the father’s income should not be considered while determining the eligibility amount. Further, they might state that the property should be in the name of only the daughter. The intention of this law is to avoid disputes at a later date when the daughter is married.

Documentation terms

When there are co-applicants, it means that there are many applicants for the same loan. So, documents pertaining to a single applicant are not enough. Documents such as income proof, bank statements, and other details, for all the co-applicants need to be submitted. This will include Know Your Customer (KYC) details such as address proof and proof of co-ownership of the property.

Additional Reading: Home Loan Document Checklist

Terms for property under dispute

If the property secured by a joint loan comes under dispute, each of the co-applicants is liable. This means that in the case of a default, the bank can proceed with the recovery process against all the co-applicants.

Additional reading: Home Loan Handbook: All Questions Answered

Looking for a Home Loan? We can help.

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110 thoughts on “Terms For Adding Co-applicants To A Home Loan Application

  1. Avatarchirajit pakrasi

    Hi Abhishek

    Is it mandatory for all banks to have a co applicant for home loan application. Mywife has applied and the Bank is askingfor my details too.
    Also I need to understand if in the near future If I apply for a home loan..will me being a co applicant but not a co owner effect my cibil and my eligibility.
    Pl help me to understand this.

    Reply
    1. AvatarTeam BankBazaar

      Hi Chirajit Pakrasi,

      Thanks for writing to us. It is not mandatory that one should have a co-applicant for getting a Home Loan. Being a co-applicant does have an impact on your Credit Score and will also impact your eligibility for a loan. However, if your keep paying back your loan on time, your Credit Score will only improve. Cheers,
      Team BankBazaar

      Reply
  2. AvatarGorakh

    hello, I was coapplicant in home loan with my
    spouse. have taken home loan for 10 years and out of these 5 years are over. how can I remove my name as coapplicant from this home loan?

    Reply
    1. AvatarTeam BankBazaar

      Hi Gorakh, Thanks for writing to us. Please contact your lender to know about the procedure. Cheers, Team BankBazaar

      Reply
  3. AvatarPooja

    Hi,

    I wanna home loan 23,00,000/- Co applicant with my brother for 20yrs.. In my per month income 17000/- & may be its not fit to my range . So which bank will be provide me this range loan.

    Reply
    1. AvatarTeam BankBazaar

      Hi Pooja,

      You can check your Home Loan eligibility on BankBazaar. We have a range of offers to choose from! Just click here. We always provide Loan offers based on eligibility so that there are lower chances of rejection.

      Cheers,
      Team BankBazaar

      Reply
  4. AvatarK.K.Trivedi

    My son wants to take home loan as co-applicant with me to build a house on a plot which is in my name. Does he need to be co-owner of the property to avail the loan ? I have only one son & a daughter too. We reside in Delhi & the property is in Dehradun. Is he eligible to claim tax benefits even if he is not a co-owner ?

    Reply
    1. AvatarTeam BankBazaar

      Hi Trivedi,

      Your son needn’t be the co-owner to get the loan. However, if he wants to avail of tax breaks, he needs to be a co-owner of the property.

      Cheers,
      Team BankBazaar

      Reply
  5. AvatarSwapnil

    Hi,
    My question is that, is it possible for us to join a co-applicant in future ??

    Thanks,
    Swapnil.

    Reply
    1. AvatarTeam BankBazaar

      Hi Swapnil,

      It usually isn’t possible to add a co-applicant after taking a loan. However, try talking to your bank about it to see if they will accommodate your request.

      Cheers,
      Team BankBazaar

      Reply
  6. AvatarRam

    Hi,

    Myself and my brother are planning to buy one plot in Bangalore. We both are living in different countries, want to know if we can buy a plot on both of our names? What all the banks will provide loan where my brother is the co applicant?

    Reply
    1. AvatarTeam BankBazaar

      Hi Ram,
      You can apply for a loan as co-applicants and also co-own the plot.

      Cheers,
      Team BankBazaar

      Reply
      1. AvatarRam

        Hi,

        Thanks for your information. Could you please let me know what all the banks will provide loan for co applicants like brothers. Thanks.Ram

        Reply
        1. AvatarTeam BankBazaar

          Hi Ram,

          Most banks allow a co-applicant when taking a loan. However this might be subject to certain restrictions depending on the bank. You will have to get in touch with the banks directly for this information.

          Cheers,
          Team BankBazaar

          Reply
    1. AvatarTeam BankBazaar

      Hi Hari,

      The maximum age of the co-applicant will differ from one bank to another. You will need to check with your bank for the exact details.

      Cheers,
      Team BankBazaar

      Reply
  7. AvatarJagannath

    Hi.
    I have 2 cc sattlement now my current cibil score is689 should i geat home loan with a co applicant.

    Reply
    1. AvatarTeam BankBazaar

      Hi Jagannath,

      You could apply for a Home Loan along with a co-applicant. If the co-applicant has a good Credit Score there will be lower chances of rejection. Also, you can consider using the co-applicant with a good Credit Score as the main applicant. Click here to apply for a Home Loan with us.

      Cheers,
      Team BankBazaar

      Reply
  8. AvatarPMS

    Hi Sir,

    We having 3 applicants of SBI home loan, 1st Applicant will be Father & 2nd 3rd Will be Husband & Wife.

    Is there any possible ways to register the property in the name of 2nd & 3rd Applicant, we need not to register in the name of 1st Applicant.

    Please advice the possible ways.

    Thanks,

    Reply
    1. AvatarTeam BankBazaar

      Hi PMS,

      It is possible to register the property in the names of the co-owners. Due to the specific nature of your query, we suggest that you contact your legal counsel for help with this.

      Cheers,
      Team BankBazaar

      Reply
  9. AvatarSANKETH S

    HI,
    Me and My CO-BROTHER (WIFE SISTER’S HUSBAND) WANT TO PURCHASE A PLOT JOINTLY IN BENGALURU WITH BANK LOAN. HOW CAN WE AVAIL LOAN FROM THE BANKS.

    Reply
    1. AvatarTeam BankBazaar

      Hi Sanketh,

      Generally, banks do not give loans to co-borrowers who are not blood relatives. You could, however, check with a few banks to see if they would be willing to make an exception.

      Cheers,
      Team BankBazaar

      Reply
  10. AvatarVaishali

    Hi
    I m going to apply for home loan as a co applicant
    I do not have form 16 but all other documents are there in line.
    Is it mandatory to attach form 16 if I m goving my salary slip n last 6 months bank statement

    Reply
    1. AvatarTeam BankBazaar

      Dear Vaishali,

      It is usually enough if you have youe Income Tax returns with you. Form 16 is not mandatory.

      Cheers,
      Team BankBazaar

      Reply
    1. AvatarTeam BankBazaar

      Hi Jayraj, Banks do not usually allow brother-sister or sister-sister combinations as co-applicants. However, brother-brother combination is accepted and the same goes for spouse and parents.

      Cheers,
      Team BankBazaar

      Reply
  11. Avatarsudheer

    Actually I am planning to take home loan on my wife’s name and she working as software engineer in Hyd ..is it mandatory to be as co applicant ? Can the banks will give loan for my wife without co applicant ?if so , Can I keep my mother in law as co applicant ?

    Reply
    1. AvatarTeam BankBazaar

      Hi Sudheer, If your wife is eligible for the loan amount, she can apply for the same without a co-applicant. You can have your mother-in-law as a co-applicant.

      Reply
  12. AvatarMikky

    Few banks (like SBH) are making us to have an additional insurance for the loan amount that they are providing us at the last minute, by saying that it’s Compulsory, even though they take all other surety related original documents for the loan.
    Finally we have to pay Insurance +Interest+Principal amount every month and they even never explain all the details clearly.

    At the time of loan they are saying that there are no preclosing charges and at the preclosing time they are charging 3 to4% of the gross amount.

    Reply
    1. AvatarTeam BankBazaar

      Hi Mikky,
      Before you sign up for any loan, please read the terms and conditions which will tell you about the charges and other details. The insurance might be part of the loan product offered by the bank. There are many banks that have loan products without insurance. If you’d like to take a look at loan offers from different banks, click here.

      Reply
  13. AvatarMikky

    Is it really necessary or a rule is there that compulsory that insurance is a must?
    .

    Reply
  14. AvatarAparna

    Hello Sir,
    Me and my sister want to apply for Home loan so please guide us.

    Reply
    1. AvatarTeam BankBazaar

      Hi Aparna, You can check your eligibility for a Home Loan on the BankBazaar website. Just click here. Cheers, Team BankBazaar

      Reply
  15. AvatarSuren

    Sir we are three brother taken combined home loan for one proparty. Paying emi 16k,12k,10k monthly. No ratio specified in proparty and in loan, how much we can claim interest and principal amount in itr1 for AY 2017-18.
    please guide me with details. Thank you

    Reply
    1. AvatarTeam BankBazaar

      Hi Suren, You can divided it in the proportion of the ownership. If nothing is specified, you can divide it equally.

      Reply
  16. AvatarPraveen

    Sir,
    We are taken home loan at SBH in the last year.my wife is a solo borrower but I want change be a co borrower. It’s possible or not.
    We are govt employees. We want to income tax exemption.

    Reply
    1. AvatarTeam BankBazaar

      Hi Praveen, Firstly, congratulations on the new house! Yes, you can be a co-applicant to your existing Home Loan. Do get in touch with your bank because the procedures differ from bank to bank. Nonetheless, this shouldn’t be a problem, and yes, it will also help with the Income Tax exemption. Cheers, Team BankBazaar

      Reply
  17. AvatarUmesh

    Hi, i am exist with as a co applicate with my
    brother ,now i want to by new property with my wife she is a borroer holder and me co applicant ,if possible .

    Reply
    1. AvatarTeam BankBazaar

      Hi Umesh, It is possible to have many loans in your name, with you as co-applicant. However, note that this is totally at the discretion of the bank.

      Reply
  18. AvatarAmrik Mondal

    Hi, I want to take home loan showing the land owned by my mom. I am a govt employee. Am i eligible? Please help me giving valuable advice. Thank you in advance.

    Reply
    1. AvatarTeam BankBazaar

      Hi Amrik Mondal,

      You’ll be able to apply for a Home Loan using using your mother’s land as collateral, provided your mother is a co-applicant on it.

      Cheers,
      Team BankBazaar

      Reply
    1. AvatarTeam BankBazaar

      Hi Amrik Mondal,

      You’re always welcome. Keep reading our blog for the latest in Personal Finance.
      Have a nice day.
      Cheers,
      Team BankBazaar

      Reply
  19. Avatarshankar

    Hi,I have a personal Loan which has repayment tenure for two years and I want to take a home loan.I want to repay the personal Loan but it is mandatory to pay 12 more EMI’ S.Is it possible to clear my loan by pre paying the remaining emi’ S with interest?

    Reply
    1. AvatarTeam BankBazaar

      Hi Shankar,

      You can speak to your bank and negotiate the terms for prepaying your Personal Loan. Here’s an article that will give you more insight on this.
      Cheers,
      Team BankBazaar

      Reply
  20. Avatarshankar

    Hi,I have a personal Loan which has repayment tenure for two years and I want to take a home loan.I want to repay the personal Loan but it is mandatory to pay 12 more EMI’ S. I am not eligible to get home loan because of the standing personal Loan. Is it possible to clear my loan by pre paying the remaining emi’ S with interest?

    Reply
    1. AvatarTeam BankBazaar

      Hi Shankar,

      You can speak to your bank and negotiate the terms for prepaying your Personal Loan. Here’s an article that will give you more insight on this.

      Cheers,
      Team BankBazaar

      Reply
  21. AvatarGurvinder

    Can i have my uncle (my fathers brother) or aunt as my co-applicant, or are there any banks that offer home loan with c0-applicant. if yes can you please share the details of such banks

    Reply
    1. AvatarTeam BankBazaar

      Hi Gurvinder,

      A co-applicant can be your spouse, sibling, business partner, or parent (in some cases). Please read this blog for more information.

      Cheers,
      Team BankBazaar

      Reply
  22. AvatarT GHOSH

    Hello Sir,
    I have an Existing loan in SBI as a single applicant. But, now I want to add co-applicant (my wife)
    Is it possible now ?

    Actually, I want to get benefit of the CLSS Scheme, for which FEMALE Applicant is needed.

    Reply
    1. AvatarTeam BankBazaar

      Hi T GHOSH,

      You will be able to add your wife as a co-applicant. Please check with your bank for details about the CLSS scheme.

      Cheers,
      Team BankBazaar

      Reply
  23. AvatarDinesh Nadivadekar

    Dear Sir,

    I applying home with my wife and my brother as co-applicant. loan was sanction and i want to make agreement in the name me and my brother. but bank saying that you want make agreement with applicant and all co-applicant. i want to know that it is compulsory to make agreement with all co-applicant.

    Can your please tell me solution.

    Regards

    Dinesh

    Reply
    1. AvatarTeam BankBazaar

      Hi Dinesh Nadivadekar,

      It is true. Banks insist that all co-applicants need to be co-owners of the property. However, you can try speaking to your legal counsel to see if the bank can allow you and your brother alone to be co-owners.
      Cheers,
      Team BankBazaar

      Reply
      1. AvatarDinesh Nadivadekar

        Dear Sir,

        Thanks for your reply sir,

        Actually my sanction loan in the name of me, my wife and brother and they put condition that all applicant should be in agreement but i want to make agreement in between me and brother is it possible. want i do please give suggestion.

        Reply
        1. AvatarTeam BankBazaar

          Hi Dinesh Nadivadekar,

          Since your query is specific in nature we suggest that you speak to your legal counsel about it.

          Cheers,
          Team BankBazaar

          Reply
  24. AvatarD Chakraborty

    Hi Team BankBazaar,
    My father has received some amount by selling his ancestral property. Now this amount will be come taxable (income from capital gain) if not purchased a home within 3 yrs of time. To save tax we want his name to be a part of co -owner / applicant.
    Now some bank has told me that co – applicant age cannot be more than 70 Yrs. Will BankBazaar team hep me to find a bank that will allow my father to be a co-applicant / co -owner ?

    Thanks in advance

    Reply
    1. AvatarTeam BankBazaar

      Hi D Chakraborty,
      As far as we know, banks don’t usually consider a co-applicant who is retired and over 70 years old. You could consider investing in capital gains bonds. If you want to invest only in a property, we suggest that you contact your legal advisor for help.

      Cheers,
      Team BankBazaar

      Reply
  25. AvatarVishnu Prasad

    Dear Sir,

    I had bought an apartment and initial sale deed was made in my name in last January. Bank loan is also in my name. After one month, my wife got permanent employment. Can I add wife’s name as joint owner of the house now ? Also I want to add her name as co-applicant of home loan to get the benefit of income tax deduction on housing loan interest. Will it be possible? The property is not yet registered and final installment of loan disbursement (i.e, bank to builder) is yet to occur. Builder will get completion certificate within 2 months and then only registration will happen. Please advise whether these changes is possible at this stage.

    Reply
    1. AvatarTeam BankBazaar

      Hi Vishnu Prasad,
      It is possible to add your wife as a co-applicant to your Home Loan. She needs to be a co-owner to become a co-applicant. You can register the property both in your name as well as your wife’s name. After the registration, you can request your bank to add her as a co-applicant.

      Cheers,
      Team BankBazaar

      Reply
  26. Avatarsivakumar

    HI ,

    I have choosen property and trying for home laon. But co applicants all are friends not blood relations.Please suggest the best way to get the loan.it’s very important and my lifetime personal acheivemnet.Loan Budget 1.25 Cr Including purchase of property and Construction.

    Reply
    1. AvatarTeam BankBazaar

      Hi Sivakumar,

      Unfortunately the bank doesn’t recognise your friends as ‘family’. Keeping that in mind, your co-applicant has to be a blood relative. However, a co-applicant isn’t mandatory. If you are eligible you can apply on your own. Click here to apply.

      Cheers,
      Team BankBazaar

      Reply
  27. Avatarvinod kumar

    if a person got a flat by a Lucy draw and he required home loan. but at it this time he is not available right now.applicant right time out of country not able to come there, can co-applicant do all process requirement for home loan. on behalf of it. applicant and co applicant does show all docs.

    Reply
    1. AvatarTeam BankBazaar

      Hi Vinod,
      It may be possible if through a Power of Attorney. However, we suggest that you consult with your legal counsel for more details and information before you proceed any further.
      Cheers,
      Team BankBazaar

      Reply
  28. AvatarUser

    hi,

    I recently got job and my husband added my details as co applicant. Bank people are asking me to provide my pay slips once i got but due to some personal reasons, i would like to quit the job once i receive first month salary. however we are in position to bear the complete EMI, so can i quit the job or do bank people may ask further details

    Reply
    1. AvatarTeam BankBazaar

      Hey there,

      As a co-applicant, you will have to provide your payslips to the bank as part of the loan documentation. If you still want to quit your job, please speak to the bank and get your name removed from the co-applicant position.

      Cheers,
      Team BankBazaar

      Reply
  29. AvatarUSER

    Hi,

    I am planning to apply for home loan with Co-Applicant, but my wife do not have a salary slip nor transaction done through bank to give Bank Statement. If we provide the IT returns as income proof will that be accepted by bank?

    Reply
    1. AvatarTeam BankBazaar

      Hey there,

      Most banks ask for the co-applicant’s salary slip before granting a loan. If your wife has her Form 16, it can be given to the bank along with the IT return. You will also have to explain your situation to the bank. Note that the bank might still insist on getting the salary slips.
      Cheers,
      Team BankBazaar

      Reply
  30. Avataruser

    Is it necessary for the co-applicant to be present while taking the loan? Does the bank add co-applicant only on the basis of documents and a cancelled check of the co-applicant. I have a case where the wife has submitted husband’s document and a cancelled cheque without informing him and applied for a bank loan.

    Reply
    1. AvatarTeam BankBazaar

      Hi, Most banks require the co-applicant to be present while the loan is being sanctioned. In case the co-applicant doesn’t have any income and is being made a co-applicant because they are the co-owner, the bank might not ask the co-applicant to be present.

      Reply
  31. AvatarSathishKumar

    I have a plan to buy a land. Can i add my sisters as co applicant??

    Reply
    1. AvatarTeam BankBazaar

      Hi SathishKumar,

      Sisters cannot be co-applicants. You could consider other relatives such as your brother or your father/mother.

      Cheers,
      Team BankBazaar

      Reply
  32. Avatarpriya ranjan saha

    When younger brother being initially joint applicant with his elder sister for a flat in Bangalore(not yet possessed and registered) has withdrawan from his ownership of the proposed flat through An Affidavit signed by him in favour of his Elder Sister and sent the Original Affidavit to the Builder and sent the copy of the same to the State Bank Branch from whom elder sister took home loans solely as joint ownership by Speedpost for withdrawing his (brother) name in favour of the Flat, why he is being shown credit limit for taking loan for other personal purposes from other Banks? Will you please clarify the proper procedure for his taking loan f or his individual purposes through any affidavit signed by his elder sister to the State Bank Branch from where she took home loans. PLEASE GUIDE US IN BEST WAY TO MY E-mail: urgently.

    Reply
    1. AvatarTeam BankBazaar

      Hi Priya,

      Since you are a joint applicant, we suggest that you talk to your bank about removing your name from the Home Loan application. The bank will instruct you on the same.

      Cheers,
      Team BankBazaar

      Reply
  33. AvatarRao

    Hi,
    We want to buy a independent bunglow with co-applicant with Uncle and my two younger brothers.
    In this cse can we get the loan?

    Reply
    1. AvatarTeam BankBazaar

      Hi Rao,

      This depends upon the bank that you’re planning to get your loan from. Please check with them before applying.

      Cheers,
      Team BankBazaar

      Reply
  34. AvatarMaruthi

    Hi, my brother(self employed) is owning the property and i (salaried)want to be the co applicant .but banks are not agreeing for this .
    please guide if there is a clause i can show them.

    Reply
    1. AvatarTeam BankBazaar

      Hi Maruthi,

      Brothers can be co-applicants. However, adding co-applicants to a Home Loan will purely depend on the issuing bank’s policy. Please check with the bank to know more about how it works. This facility will vary from bank to bank.

      Cheers,
      Team BankBazaar

      Reply
  35. AvatarMukesh

    HI,

    Sir i ahve already existing Home Loan member but now can i add co-appicant my wife ?? also can eligible for pradhanmantri awas yogna ?

    Reply
    1. AvatarTeam BankBazaar

      Hi Mukesh,

      The terms for adding co-applicants differ from one bank to another. Please ask your bank for the details regarding adding a co-applicant. Check this post for information regarding the Pradhan Mantri Awas Yojana.

      Cheers,
      Team BankBazaar

      Reply
  36. AvatarArun yadav

    Hi sir/Mam,

    I m going to apply for home loan as a co applicant with wife of Rs 500000.
    my salary is 13 k & my wife is started working by this month salaried of 10 k.
    And also i pay 2 loans already…. so is we eligible to take joint loans ..
    Thanks

    Reply
      1. AvatarSuman

        Sir..suman here…i am a married woman. Can i apply for home loan as a single applicant? Is my husband’s signature mandatory to avail home loan?

        Reply
        1. AvatarTeam BankBazaar

          Hi Suman,

          If you’re eligible and meet the loan requirements set by the bank, then you can apply for a Home Loan without a co-applicant. All the best! Click here to apply for a Home Loan.

          Cheers,
          Team BankBazaar

          Reply
  37. AvatarShanky

    I have bought a flat and my wife is owner and i am co-owner. We got sale deed and we have taken loan from SBI with my wife as applicant and I am co-applicant. Now we want to add my mother in-law as co-owner as we need financial help from her to pay the part of the amount. But bank is saying that it is not possible. Can you suggest us if it possible and what should I do to get my mother in law added.

    Reply
    1. AvatarTeam BankBazaar

      Hi Shanky, Including your mother-in-law as a co-owner is not possible. Most banks allow only blood relatives to be co-applicants. Cheers, Team BankBazaar.

      Reply
      1. AvatarShanky

        But my wife is owner and applicant. I am co-owner and co-applicant. Still she could not add her mother?

        Reply
        1. AvatarTeam BankBazaar

          Hi Shanky, As explained earlier, including your mother-in-law as a co-owner is not possible. Most banks allow only blood relatives to be co-applicants. Cheers, Team BankBazaar.

          Reply
  38. AvatarSaba

    Hi,

    Does a co-owner needs to be co-applicant in loan?
    I’m planning to buy a property with my own brother and cousin brother. My cousin brother doesn’t need a loan. Can me and my own brother be a co-applicant of a home loan and my cousin brother be co-owner of the property?
    Which means home loan will be on 2/3 of property.

    All three of us as owner of the property. Equal share for all 3.

    Thanks,
    Saba

    Reply
    1. AvatarTeam BankBazaar

      Hi Saba, Co-owners are always co-borrowers, but all co-borrowers need not be co-owners. This means that your cousin has to be a co-applicant. Please check with your bank as cousins aren’t allowed to be co-applicants. Cheers, Team BankBazaar.

      Reply
  39. AvatarLukram Mantra Singh

    Sir
    We are three brothers and all are in Govt. job. Can we apply joint home loan at same land which is in the name of our father and we, three brothers.

    Reply
    1. AvatarTeam BankBazaar

      Hi Lukram, You can ceratinly apply for a joint Home Loan with your brothers. You can check your eligibility here. Cheers, Team BankBazaar.

      Reply
  40. AvatarSunanda Lawania

    Hi,
    I am a female working in private sector and want to take home loan but my father is the owner of that property.
    So can i apply as joint applicant for the loan or not.

    Kindly confirm.

    Reply
    1. AvatarTeam BankBazaar

      Hi Sunanda, You can apply as a joint applicant only if you’re unmarried and your father transfers the property to your name. Cheers, Team BankBazaar

      Reply
  41. AvatarSandip Patel

    My Hone loan sectioned in Dec’16 but Possession in Jan’17, Can I eligible for CLSS Scheme

    Reply
    1. AvatarTeam BankBazaar

      Hi Sandip, CLSS scheme is effective from 1 January 2017. Those who were sanctioned Home Loans and whose applications are under consideration since the beginning of the year will be eligible for interest subsidy.

      Reply
  42. Avatararindam

    my father co-owns a flat with my mother as the other owner and me as a co-borrower for the home loan. we are four brothers and are a hindu family with no sisters. Now my father wants to will his flat to his other son. i want my name to be removed as co-borrower of the home loan. Kindly suggest a solution

    Reply
    1. AvatarTeam BankBazaar

      Hi Arindam, To remove yourself as a co-borrower, you can either request the lender for a novation or ask your father to opt for a loan refinance. It is best that you discuss your options with the lender. Cheers, Team BankBazaar

      Reply
  43. Avatarsrinivas

    my bank says I need to furnish a personal guarantor for my home loan application. is this mandatory ? My home loan amount is much less compared to my salary.
    I do not have a co-applicant.

    what about the option of term insurance policy instead of co-applicant, is it valid?
    does bank need to be nominee or assignee for term insurance?

    Reply
    1. AvatarTeam BankBazaar

      Hi Srinivas,

      Some banks ask for a guarantor for Home Loans. This is to minimise the banks’ risk and has nothing to do with the loan amount. Even if you get a co-applicant, you might be asked for a guarantor. Taking a Term Insurance policy is up to you. The bank doesn’t need to be a nominee or assignee.

      Cheers,
      Team BankBazaar

      Reply
  44. AvatarJMS

    thanks for reply. But isn’t Loan Guarantor having a hit in CIBIL score and his future loan processing?
    can the online term insurance policy be considered as hedge against risk without need for co-applicant or loan guarantor ?

    Reply
    1. AvatarTeam BankBazaar

      Hi JMS,

      A guarantor’s Credit Score will get affected if the borrower defaults. You can use any asset as additional collateral. However, the bank might still ask for a guarantor. If you have a good Credit Score, you can try negotiating with the bank.

      Cheers,
      Team BankBazaar

      Reply
  45. AvatarKrunal Bhailalbhai Chhatbar

    Hello I want to apply for home loan. My born on 06-11-1990 and my mother birth date is 05-10-1947. She is house wife and retired. Right now i am unmarried and I would like to add my mother to be co-applicant in home loan. I asked some of banks but they said your mother is more than 70 so we don’t allow her to be co-applicant. Can anyone please guide me what should be best way for me to add her as co-applicant in my home loan. I have decided property. It will be going to my first home and i want to apply for pradhan mantri avas yogjna to get scheme benefit. Can any one please guide me for same?

    Reply
    1. AvatarTeam BankBazaar

      Hi Krunal Bhailalbhai Chhatbar,

      Unfortunately, banks do not accept applicants who are senior citizens as co-applicants in a Home Loan. In that case, you need to apply on your own. You can check your eligibility to apply for a Home Loan here.
      Cheers,
      Team BankBazaar

      Reply
  46. Avataraditya

    If primary owner is not paying the EMI – it will affet their CIBIL Score understood , however I wanted to know as per the bank if the primary applicant does not pay the loan EMI ; they will reach out to co-applicant so if co-applicant also does not pay will it affect CIBIL score of co-applicant ??

    Reply
    1. AvatarTeam BankBazaar

      Hi aditya,

      If you have not repaid your loan as a co-applicant, the same will reflect badly on your Credit Score too. Check your Credit Score for FREE here.

      Cheers,
      Team BankBazaar

      Reply
    1. AvatarTeam BankBazaar

      Hi Pallab Sinha

      Thanks for writing in. Generally, banks prefer co-applicants to be the spouse, parent or any other blood relative. Therefore, check with your lender to see if your brother-in-law can be a co-applicant in the home loan.

      Cheers,
      Team BankBazaar

      Reply

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