Let us consider the following scenario: Ajay Kumar Mishra was working in a Pvt. Ltd. company. To purchase his dream home, he applied for a home loan with a lender. Owing to a low CIBIL score, the lender turned down his application. He reached out to a housing finance expert for suggestions. The expert suggested to him to apply on a co-applicant basis after he came to know that Ajay wife was employed. Acting on the suggestion, Ajay approached again for the same product at the same lender and this time, his application joint basis was accepted and processed.
There are many aspirants like Ajay who face rejection because of their low CIBIL score. In the case of a rejection, a co-applicant can work wonders. So, how a home loan co-applicant can help us
So, we have now seen that joint home loan has multiple advantages. However, while going for a joint home loan, take care of the following points:
Take it easy! You can avail home loan with the help of a co-applicant. Availing a home loan with a co-applicant has its own advantages. Certain important things, mentioned above, need to be taken care of before making out an application.
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