A role of a co-signer is to pay the home loan in case of the borrower’s default to repay. A co-signer is a person usually with a good credit score in a joint home loan. Having a co-signer increases your joint home loan eligibility. However, both the applicant and co-applicant are liable to joint home loan tax exemption and it is not applicable for co-signers. But co-signer has risk of ruining their personal credit score and also they cannot remove themselves from the co-signer’s position.
Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?