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Difference between a co-owner and co-applicant? - Property Hotline
Posted
May 13, 2016
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8,832
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May 13, 2016
8,832
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2:17Now PlayingExpert: Nitin Vyakaranam
Q) What is the difference between a co-owner and a co-applicant? Do co-owners of a flat must be co-applicants to get a home loan?
A) Co-owners are those who could or could not have blood relation but who have the ownership rights of a property. It could be friends or relatives. While co-applicant is the one who plans to buy a property as in borrowing and for which they have to apply to a bank and get a loan from it. It is not mandatory for the co-owners to be co-applicants, as even if one of the owner is a co-applicant, it's enough to get a loan. Banks are much in the favour of giving loans only to married couples. Also, co-owners are those whose names are present on the registration and on the agreement you sign when you buy the house.
Also remember that from a tax perspective, if you mention the share of the EMI you will be paying as a co-applicant you, which then helps you to pay tax deduction on that.
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