There is no legal requirement to have a co-applicant when opting for a home loan in India, but there are benefits to having one. Firstly, it helps assure lenders of timely loan repayment as the responsibility is shared by two individuals. Also, having a co-applicant enhances your home loan eligibility. When you opt for a joint home loan, you may be offered more favourable home loan interest rates and may even qualify for a higher sanction.
Frequently Asked Questions
Having a co-applicant for a home loan is not mandatory. It depends on the policies and requirements of the lender. While some lenders may insist on having a co-applicant, others may allow individuals to apply for a home loan as a sole applicant.