We all want to live in our home but it is too difficult to aval. although saving is not enough to buy a good home or flat. to meet this you need to get a loan. The joint home loan makes it possible it is increased the repaying capacity.
you should also ensure that the credit score of the co-applicant is good and also meet the eligibility criteria. in a case the credit score is not a good applicant and co-applicant then it is going tough to get a home loan.
If you planning to take a joint home loan then you need to know some points before going to apply for a home loan.
Who is eligible to be the co-applicant?
- Spouse
- Unmarried daughter and father
- Son and Father
- Mother and unmarried daughter
- Brothers
Who is not eligible to be a co-applicant?
- Brother-sister
- Cousins
- Friends
- Sisters
- Unmarried partners
Factors to consider while taking a joint home loan:
- The liability of the home loan repayment also is on the co-applicant if applicants and co-applicant default the payment then the credit score affected of the applicant.
- co-applicant take life insurance in case of applicant unfortunate death.
Pros of A Joint Home Loan
- Loan Eligibility
- Bigger Home
- Responsibility
- Tax Benefits
- Ownership Transfer
these are the benefit of a joint home loan and I am coming to point out below the negative parts.
- Credit Score
- Legal Problems
