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Loan Application and Processing

Who is a Co-Applicant?

A Co-Applicant(s) is a co-borrower to the loan and his/ her income and obligations are factored into the loan eligibility calculation. This is usually applicable in only secured loans. However all co-applicants need not be co-owners of properties in the case of property backed loans.

Who can I include as Co-Applicant(s) of the home loan?

You can include your immediate relatives (spouse, parents, or children) as co-applicants on the loan. Siblings can be co-applicants if they are co-owners to the property. You also have the option of including proprietor concerns, partnership firms, private limited companies, and closely held limited companies as co-applicants. Maximum number of co-applicants for purpose of income clubbing is two to four (varies from lender to lender).

Can I take a Home Loan for a property in a city other than where I live?

Yes, you can take loan for construction in one city while working in another. The banks usually service this loan after getting details of the plot legally verified.

What is the normal Turn Around Time for loan sanction and loan disbursal?

After you have provided all the relevant documents, you can get a sanction for the loan within 4-7 working days, under normal circumstances.
On an average, loans are disbursed within 3-15 days after satisfactory and complete documentation and completion of all relevant procedures.

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