AuthorAlisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health. Archives
March 2020
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Mr. Sharma, a 50-year-old resident of Hyderabad, wanted to take a loan to fund his daughter’s marriage. He applied for a loan against property worth Rs 5 lakh at a local bank in his area. However, the very next day he got a call from the bank and he was told that his loan application was rejected due to his low repayment capacity i.e his insufficient monthly income. He was devastated by the news and got really stressed, having no idea how to arrange the money to pay for his daughter’s wedding. Just then, his eldest son Ramesh suggested Mr. Sharma to re-apply for the loan by adding him as the co-applicant this time. He followed the advice and re-applied for a loan against property, and to his amazement, his loan application was approved. Owing to the reference of Mr. Sharma shared above, if you are planning to take a loan but your monthly income is not in accordance to your expectations, adding a co-applicant in your loan application can help. The ‘addition of a co-applicant’ has aided many prospects who wanted to take a loan but weren’t able to do so due to their low repayment capacity. However, adding a co-applicant boosted the gross income with lower Loan Against Property Interest Rates of the primary borrower, and they were finally able to apply and get approved for the loan.
Moving on, if you are planning to leverage from this clause, you must know who all can be added as co-applicant.
Lastly, the policies regarding the addition of co-applicant vary from one financial institution to another. Thus, apply only after confirming the same with the lender. Also Read here to know more about: Who can be a Co-Applicant for my Loan against Property?
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