Responsibilities of a co-signer in home loan

2 min read

The primary responsibility of a co-signer is to pay the home loan EMIs whenever the borrower defaults on payments. This is a very different responsibility from that of a co-applicant in a joint home loan. Co-applicants share the responsibility of monthly repayment, whereas co-signers don’t. Moreover, co-applicants can claim joint home loan tax exemption benefits, and this privilege does not extend over to co-signers.