Cowner-Coborrower Age limitation on home loan tenure

POSTED BY krishna_nair ON October 12, 2013 10:27 pm ONE COMMENT

Hi,

My father and I are planning to buy an apartment. He will be putting in 50% of the amount from proceeds of another property sale. I will be financing the remaining 50% through a home loan.

However I was told by HDFC that both the owners need to be co-borrowers. However as my father is retired and around 64 years of age, the tenure will be only 6 years (tenure upto 70 years). Is this true of all banks?

I am not worried about eligibility if the loan is taken only in my name for a tenure of 20years.

Do both the coowners need to be co borrowers ? If so will the tenure for the home loan be limited till the age of 70 for either of the coborrowers?

I will appreciate any inputs on this

Regards,

Krishna

One reply on this article “Cowner-Coborrower Age limitation on home loan tenure”

  1. ashalanshu says:

    Dear Krishna, in case of co-ownership, bank insists for co-borrowership also to avoid any dispute later on. Yes as your father’s age ‘ll be a block to get loan beyond 70Y age for him.

    Thanks

    Ashal

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