Paperwork
Aside from all the documents related to the property, there is other paperwork that needs to be looked into.
In such a situation, all the applicants are required to submit their individual documents to process the loan.
So each will have to produce their own Permanent Account Number, or PAN, address proof, income proof, proof of age and bank statements.
The reason being that the lender will consider the income of all the applicants before sanctioning the loan. The benefit is that it would result in an increase in the loan eligibility value.
If all the applicants in a joint home loan have a good CIBIL score, that is good news. This score is determined by the Credit Information Bureau Limited. It is India’s first credit information company founded in 2000. If the one of the applicants has a bad score, then the lenders do not consider his/her income to increase eligibility. Having said that, the lender can exercise discretion and make an exception.
Who can be a co-applicant?
What are the tax benefits?
