5 Commons Myths of Joint Housing Loan
A joint home loan is a loan in which multiple individuals can apply for a higher loan amount. Taking a loan jointly also helps them to increase their loan eligibility and also share the financial burden of paying the EMIs equally. But you also might have noticed that there are certain myths associated with taking a joint housing loan which may bring confusion in the minds of the borrowers. Some of the common myths are. 1) The first myth that there is no role of the co-applicant when you think of closing your ongoing home loan. To close your home loan, you need a NOC from your co-applicant and if he is not willing to give that because of some personal issues between you and him. Your home loan will not be closed. 2) Second myth is that most of the banks and housing finance companies tell the borrowers that there is a significant role of the co-applicants signature on the loan contract. But this is not true at all. Their signature is also completely important, and they are als