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