Co-Applicant

A co-applicant joins the primary borrower in the loan application. Combined income increases loan eligibility. Most lenders require property co-owners to be co-applicants. Eligible co-applicants include spouses, parents, siblings, and adult children.

Both share equal repayment responsibility. Both can individually claim tax benefits under Section 80C and 24(b), effectively doubling household tax savings on the home loan.

Adding a co-applicant can increase eligibility, enable a better property purchase, and double household tax benefits. Both parties share full repayment liability.