Can there be a co-applicant for loan against property? If yes, who can be co-applicant?
Answer
Answer
Yes, one can have a co-applicant for a loan against property. However, not anyone can be the co-applicant for the loan.
Individuals who can be co-applicants in a loan against property (LAP):
1) Co-owners of the property
2) Spouse of applicant
3) Brothers (both primary and secondary applicant must be brothers)
4) Son and father
5) Son and mother
6) Unmarried daughter and parents
By adding a co-applicant, a borrower ensures that he/she gets a loan of a higher amount as the repayment capacity increases by taking an additional loan applicant.
Do note, however, that if the property is co-owned, all co-owners mandatorily need to be co-applicants.