Who Can Be The Co-Applicant For A Loan Against Property?

Two vital factors to consider before you avail a mortgage loan are your monthly income and the property’s value you will mortgage. Bajaj Finserv provides Loan Against Property based extensively on the present market value of the property being mortgaged.

Avail high-value Mortgage Loan of up to Rs. 3.5 Crore by meeting specific eligibility criteria and documentation requirements. If the property value is less and you require more funding, apply it with a co-applicant or applicants.

Who are Eligible to be Co-Applicants for Your Loan Against Property?

  1. The Applicant’s Spouse – Both husband and wife can co-apply for this loan. Check your Loan Against Property eligibility and apply to avail this loan at affordable interest rates.
  2. Brothers – Here, both the primary and secondary applicants should be brothers.
  3. Father And Son – The mother and her son can also become the co-applicants for this secured loan against a commercial or residential property.
  4. Mother And Son – Hire fresh talents with higher qualifications to make your business more productive. Cover the required expenditures with the Bajaj Finserv Mortgage Loan.
  5. Parents And Their Unmarried Daughter – Parents can co-apply with their unmarried daughter to avail such a property loan.

Note that most of the financial institutions do not allow a married daughter to become a co-applicant with her parents.

Also Read: How to use Mortgage Loan Calculator

Also, if the property you plan to mortgage while availing a Loan Against Property has multiple owners, it becomes mandatory to apply along with all the owners to confirm the security. Other specific cases also mandate co-application like–

  • Key partners in case of a partnership firm.
  • Individuals owning over 76% of shares of the same company.
  • All partners or directors if the company or partnership itself is the collateral.
  • Karta, if the income of a joint family is in consideration.

Apply with a co-applicant to maximise loan value. Check the Loan Against Property documents required to apply with Bajaj Finserv easily and enjoy a hassle-free approval.