Joint Home Loan –Myths
Joint Home Loan –Myths https://www.fundstiger.com/joint-home-loans-myths/ A joint home loan is a massive financial obligation. Apart from the huge EMIs that are particular to these loans, the tenures are not lesser than 15 to 20 years which means you pay the EMIs for a large portion of your life. Thus, it’s a good idea to do extensive research before you finally start submitting applications for a joint loan. It would help if you also were wary of some of the most common myths about joint home loans that mislead borrowers: 1. Handover of Original Property Documents at the time of Home Loan Closure A home loan is a long-term commitment. Today it might be in good relation/terms with the co-applicant/guarantor. It might not be true after few years. One of the most common myth is that if the property is under single ownership then the co-applicant has NO ROLE at the time of loan closure. The fact of the matter is that banks insist NOC from co-applicant/guarantor at the time of ...