Going for a joint-loan with a relative can boost chances of approval

In case of default, credit score of co-borrower would also get affected

Topics
Home loans | housing loans

Bindisha Sarang  |  Mumbai 

Interest rates on home loans have sunk to a 15-year low of 6.75 per cent (on amounts of Rs 75 lakh and above). If your current income does not allow you to borrow the amount you need, one option you may exercise to increase your eligibility is to take a joint loan with a relative.

While it is easiest to get approval for a joint home loan with a spouse, especially in double-income households, you can also take a joint loan with other close relatives, such as parents, siblings, and children. Drafting a relative as co-borrower can have several benefits. Ratan Chaudhary, head ...

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First Published: Wed, December 09 2020. 00:23 IST
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