to add a Coapplicant
5 years ago
i booked(not registry) a flat in 2016 in noida at that time i am unmarried. now last year i was married i want to add my wife as coapplicant but builders says right now it is not possible because all document gone to the authority to registry. is there any process to add coapplicant to my booked flat before registry. i want subsidy under PMAY.
ROBERT D ROZARIO
Responded 5 years ago
A.Contact a local lawyer from Vidhikarya
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Kalyanraopeddireddi PEDDIREDDI
Responded 5 years ago
A.Good morning Sir, Your question is good and interesting. No worry. There is no bar under Law to add your wife as coapplicant since you can execute Rectification Deed and add your wife as co-applicant even after Registration and Banks are accepting the same. In case of difficulty, approach local Advocate for legal advice and seek appropriate relief as per law.
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A.Dear Sir,
It is very simple. Approach the Registry itself and get your wife’s name included.
It is very simple. Approach the Registry itself and get your wife’s name included.
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Ashish K Dongre
Responded 5 years ago
A.you can add your wife as co applicant
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Deepak Yashwantrao Bade
Responded 5 years ago
A.before adding your wife as co applicant some points need to be clarify that is
A co-applicant should be financially capable and have a regular income. His or her income can be used to supplement the borrower’s income. For any reason, if the main applicant defaults on repayment, the co-applicant shall be legally liable to repay the home loan.
Your spouse can be your co-applicant. The lender will consider the tenure of your Home Loan based on the retirement age of the older partner. Besides yourself, your spouse should also fall below the debt-to-income ratio limit.
If you are the only son of your parents, you can add your father as your co-applicant. Your father’s income will also be taken into consideration by the bank.
Two brothers together can jointly apply for housing loan provided they stay together in the present property. They should be determined to stay together in the future too in the property for which the loan is applied for
If you are an unmarried daughter, you can add your father or your mother as your co-applicant, provided the property shall be solely in your name. You gain a competitive advantage as your father’s or mother’s income will not be considered. This condition is included by banks to avoid any legal complications in the future that may arise out of marriage.
Your co-applicant for your Home Loan shall be entitled to tax benefits depending on his or her contribution
If you are seeking long term debt from your lender, it should be no more than 36 percent of gross income, especially for a mortgage loan. You can qualify the eligibility criteria with the collective income of your co-applicant in case your income is lower than the stated percentage.
If your co-applicant has a greater steady income, you may be eligible to apply for Home Loan for a bigger amount so that you can buy a bigger property
Your credit score should be good, so should be your co-applicant’s. If your co-applicant is strong financially and has a good credit score, you may enjoy lower interest rates.
so if above factors are fulfilled then your wife is liable to become co applicant.
A co-applicant should be financially capable and have a regular income. His or her income can be used to supplement the borrower’s income. For any reason, if the main applicant defaults on repayment, the co-applicant shall be legally liable to repay the home loan.
Your spouse can be your co-applicant. The lender will consider the tenure of your Home Loan based on the retirement age of the older partner. Besides yourself, your spouse should also fall below the debt-to-income ratio limit.
If you are the only son of your parents, you can add your father as your co-applicant. Your father’s income will also be taken into consideration by the bank.
Two brothers together can jointly apply for housing loan provided they stay together in the present property. They should be determined to stay together in the future too in the property for which the loan is applied for
If you are an unmarried daughter, you can add your father or your mother as your co-applicant, provided the property shall be solely in your name. You gain a competitive advantage as your father’s or mother’s income will not be considered. This condition is included by banks to avoid any legal complications in the future that may arise out of marriage.
Your co-applicant for your Home Loan shall be entitled to tax benefits depending on his or her contribution
If you are seeking long term debt from your lender, it should be no more than 36 percent of gross income, especially for a mortgage loan. You can qualify the eligibility criteria with the collective income of your co-applicant in case your income is lower than the stated percentage.
If your co-applicant has a greater steady income, you may be eligible to apply for Home Loan for a bigger amount so that you can buy a bigger property
Your credit score should be good, so should be your co-applicant’s. If your co-applicant is strong financially and has a good credit score, you may enjoy lower interest rates.
so if above factors are fulfilled then your wife is liable to become co applicant.
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