Co-applicant for home loan

I am seeking a home loan from a public sector bank. In order to increase the loan amount availability, I have clubbed my income with my spouse while the property remains in my name. Does my wife as loan co-applicant need to be a property owner as well?


The terms co-owner and co-borrower are often heard in the context of Home Loan. The two words are interrelated, but people tend to interchange the use of one with the other. That’s wrong.

A co-owner is someone who has legal rights to the property along with you (the other owner). A co-borrower is someone who applies for a Home Loan with you. The difference lies in the fact that a co-owner of the property must also be the co-borrower of the Home Loan with you. However, it’s not necessary for a co-borrower to be the co-owner of the property. So, your wife can be a co-borrower without being a co-owner of the property. However, note that a co-borrower must also be a co-owner to get Home Loan tax benefits.

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BB Expert