क्या सह-आवेदक की आय अधिकतम गृह ऋण राशि प्राप्त करने में आपकी संभावनाओं में सुधार करती है?
05 जून 2023
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A Home Loan is considered a once-in-a-lifetime opportunity for many people. That is why it would help to maximise your potential loan amount. The best to go about is to opt for a joint Home Loan. Let's find out what is a joint Home Loan and how you can improve your chances of getting a higher Home Loan amount.
What is a Joint Home Loan and What is a Co-Applicant in Home Loan?
A joint Home Loan is one that you can take along with another applicant or a co-applicant. A co-applicant is simply an additional applicant who is just as involved in the underwriting and approval process of the same Home Loan. When you take a loan with a co-applicant, it is deemed as a Joint Home Loan.
A co-applicant may be named as the secondary applicant on the joint Home Loan but may share the same loan repayment responsibilities and benefits that go with a Home Loan. Co-applicant may or may not be joint owner of the property. However, a joint owner has necessary to be a co applicant even if he / she is not having any income (e.g., In case of housewife). If joint owner is not having any income, then eligible loan amount would be calculated solely based on income of main applicant.
Having a co-applicant on your Home Loan can also increase your chances of getting the loan approved. Furthermore, it also helps you procure a higher loan amount to buy the house of your dreams. However, co-applicant must be your close relative.
Benefits of Having a Co-Applicant in Home Loan
Having explained what a joint Home Loan and the definition of a co-applicant is, let's take a look at a few benefits of having a co-applicant on your Home Loan.
1. The bank considers the income of both applicants.
When you apply for a Home Loan, the bank considers various factors that can affect your eligibility. This includes your income, outgoing expenses, credit scores , and so on. While you may be eligible for the loan, you may not get a higher loan amount as the sole applicant. But when you apply for a Home Loan jointly with another applicant, the bank also considers their income. A higher income typically results in a higher loan eligibility amount, enabling you to buy a better property without compromising.
2. A joint Home Loan reduces your loan burden by half.
Another advantage of joint home loan is that your loan burden is reduced considerably. You and your co-applicant can devise a strategy that distributes the loan repayment equally. This way, if either of you is faced with unpredictable circumstances leading to a loss of income, the other can ensure that EMIs are paid on time. Doing this ensures you never default on your EMI payment.
Conclusion
Now that you know what a co-applicant is in a Home Loan, you should consider applying with one. A co-applicant reduces your loan burden and shares financial responsibility.
Also Read - 7 Step-guide to Applying for a Home Loan
So, are you looking for a Home Loan? Apply now with Bank of Baroda!
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Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
गृह ऋण एवं उनसे संबंधित मूलधन और ब्याज दर के बारे में बताया गया
बैंक ऑफ बड़ौदा विभिन्न प्रकार के गृह ऋण प्रदान करता है जिन्हें आप अपनी आवश्यकताओं के आधार पर चुन सकते हैं. बैंक विभिन्न भारतीय शहरों और कस्बों में कई लाख से लेकर कुछ करोड़ तक के ऋण प्रदान करता है। इसकी सुव्यवस्थित, ऑनलाइन प्रक्रिया के साथ, अब आप बैंक की वेबसाइट के माध्यम से ऑनलाइन ऋण के लिए आवेदन कर सकते हैं। आप ऋण के लिए पूर्व-अनुमोदन भी प्राप्त कर सकते हैं। अपनी पात्रता के आधार पर संपत्ति का चयन कर सकते हैं और अपने दस्तावेजों को ऑनलाइन जमा कर सकते हैं। लेकिन गृह ऋण लेने से पहले, आपको ऋण से जुड़ी विभिन्न शब्दावली से खुद को परिचित करना चाहिए; जिनमें से दो सबसे महत्वपूर्ण हैं। हम बात कर रहे हैं गृह ऋण की मूल राशि और ब्याज दरों की। आइए इन्हें विस्तार से समझते हैं।
गृह ऋण वितरण प्रक्रिया के लिए पूरी मार्गदर्शिका
अब, जब आपके पास एक संपन्न कैरियर है, तो आप किराए पर रह रहे हैं। आपने पहले ही अपने सपनों का घर चुन लिया है। आपने उस बैंक पर भी अंकुश लगा दिया है जिसे आप कम आकर्षक ब्याज दरों, लचीली ईएमआई विकल्पों और त्वरित प्रसंस्करण और सरल प्रलेखन के आधार पर बैंक ऑफ बड़ौदा से अपना गृह ऋण उधार लेना चाहते हैं। अब इससे पहले कि आप किसी वित्तीय संस्थान से संपर्क करें, यह जानने में मदद मिलती है कि गृह ऋण कैसे वितरित किया जाता है। यहां गृह ऋण वितरण प्रक्रिया के लिए एक सरल मार्गदर्शिका दी गई है जहां हम गृह ऋण वितरण के तीन चरणों पर चर्चा करते हैं।
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