10 months ago

How to add Co-owner to Your Property

The house can be sold only if both the co-owners are ready for it. As both the co-owners can avail the tax benefits so whenever the house will be sold both has to pay tax on the capital gains earned by them. Blog: Apply For Loan: Facebook : Twitter:

How to add Co-owner to Your

How to add Co-owner to Your Property A co-owner of a property is the individual who shares the ownership with another person. The co-borrower and co-owner are used interchangeably but there is a very thin line which distinguishes the both. A co-applicant of home loan is the one who applies for a joint home loan and liable to repay the loan. It is not a must to be the co-owner of a property if you are a co-applicant of the loan. But a co-owner of a loan should necessarily be a co-applicant. Banks and HFCs always insist the co-applicants to become a co-owner of the property. A coborrower along with the primary borrower is the responsible for paying the EMIs on time. A joint home loan application is more favorable to the lender as both the applicant's income is considered while sanctioning the loan amount. When a co-applicant becomes co-owner, it is beneficial for both the lender and the borrower. The immediate relatives of the primary borrower can become a co-borrower. The relationships which has been approved for a joint home loan is husband & wife, mother & son, father & son, father & unmarried daughter and brother & brother. All these co-borrowers can be co-owners except father & unmarried daughter. In this case, the daughter will be the sole owner of the property. There are many benefits of adding a co-applicant to the home loan. When both the coapplicant’s income is clubbed, a higher loan amount can be applied. When you add a coapplicant who has a good credit history, you may get some relaxation in interest rate too. Adding a female co-applicant can also bring the interest rate down. With the new RBI guidelines, the female applicant gets a subsidized interest rate which is generally 0.5% lower than the general rates. Moreover, when both the applicant will have a regular source of income, they can share the debt burden.

What is the role of Co applicant in Home loan in India
Finance Your Car Repair with an Online Personal Loan
How to Plan your Home Loan Installment
How to Find the Best Home Loan in Your City
How Technology is changing the way of Buying Houses in India
All You Need to Know About SBI Home Loan Interest Rate 2018
Top 7 Home Loan Repayment Options
How to get a Home Loan Subsidy Under Pradhan Mantri Awas Yojana
Benefits of Home loan transfer
How to Finance Your Engagement Ring with an Empty Pocket
How a Personal Loan Changed My Life
Buying a New Home before Selling Current House Read This First
What Is Better A House on Rent or Buy Through Home Loan
Top 5 Strategies to Pay-off Home Loan Early
How to Compare and Choose Home Loans in India
Top Up Loan for Your Personal Needs
Top Lenders to Avail A Home Loan In 2018
Top 5 cities in India to Invest in Residential Property
How is a Commercial Property Loan different from a Residential Property Loan
Top 5 Ways to Get a Funding for Your Startup
Home Loan Balance Transfer- Is It Worth it
Top 7 Scenarios Makes Good Sense to Take on Small Business Loan
Is Your Startup eligibile to get benefits of Startup India Scheme
Fund Your Dream Vacation with an Online Personal Loan
Why Unsecured Business Loans are Becoming Popular
Are Long-Term Home Loans Better Than Short Term Loans
Why is Your Tata Capital Personal Loan Getting Rejected
Why Home Loan Borrower Should be patient Reader
Under construction House How to Claim Tax Deduction on Home Loan Interest Payments (2)
Instant Loan Approval of 2 lakhs for Your Vacation