This article is authored by Rajiv Raj, Director & Co-Founder of CreditVidya.
Who can be a co-applicant?
A co-applicant is the individual who jointly takes a loan along with you.
A co-applicant can be your spouse, parents, siblings, son, or un-married daughter. A minor is not permitted to be a co-applicant. Normally, a bank does not permit friends or relatives who are not blood relatives to take a loan jointly.
It is important to understand the difference between a co-applicant and co-owner. A co-applicant is one who applies along with the borrower for a loan. A co-owner includes all the owners of the property.
All co-applicants may not be co-owners, but all co-owners have to necessarily be co-applicants.
What is the paperwork needed?
What are the tax benefits?
