Co-borrowing a home loan: How does it work?

1. Housing Loan

2. Co-borrowing a home loan: How does it work?

3. Buying a home is a painstaking exercise. If you are buying one with loan then it is all the more difficult. • You have to really stretch yourself to ensure the bank gives you the right loan amount. Even if there is a shortfall of Rs 1 lakh, it can destroy your dream of buying a home. • If you have been in such a situation you would have considered the possibility of adding a co-borrower to your loan application to make things easier for yourself.

4. Who can co-borrow? Co-borrowing can be done between two to six individuals. There are rules governing such borrowing arrangements. • The most ideal co-borrowing arrangement is between spouses. • They can jointly take a loan even if they are not co-owners of a property. • In a co-borrowed Housing Loan between a father and child, the lender may insist that the child be the primary owner of the property.

5. How does co-borrowing help? Co-borrowing raises the loan amount eligibility. • For example, you as an individual may be allowed to borrow Rs. 60 lakh. But your requirement may be of Rs. 80 lakh. • By adding a co-borrower whose credit history allows him to take a loan, you may jointly raise your eligibility to Rs. 80 lakh.

6. Follow us on : https://www.facebook.com/HDFCHomeLoanExperts https://twitter.com/HomeLoansByHDFC https://www.youtube.com/user/hdfcltd https://www.linkedin.com/company/hdfc?trk=top_nav_home

7. Click to know more on Housing Loan: https://www.hdfc.com/home-loan-emi-calculator Thank You…