4. Co-borrower

Having a co-borrower with you on your home loan application actually increases your chances of getting a home loan. This is even truer if the co-borrower is an older person or one who does not have a big loan on him/ her. Moreover, banks have a higher cut-off limit for age if a co-borrower is present. This also increases the chance of getting extended loan tenure. Having a co-borrower also helps in getting the nod for a bigger sum of loan amount. However, many banks and institutions don’t recognize kith or kin as a co-borrower. Also, it is advisable to add a younger person as a co-borrower. This increases your loan tenure.