A co-applicant for a home loan is someone who applies for the loan with the primary borrower and is jointly liable for repayment. Co-applicants for a home loan are typically family members such as a spouse, parents, siblings, and children. However, some lenders may accept non-family members as co-applicants, such as friends or business partners. The lender considers the co-income, applicants credit score, and financial standing when determining loan eligibility and interest rate. To increase the chances of getting the home loan approved, choose a co-applicant with a good credit history and repayment capacity.
