In-laws cannot be co-applicants :: Business Line

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I am a Government employee. Can I get a home loan with my brother-in-law as a co-applicant? — Siva

Though it is possible to for two people get a a home loan jointly, the relationship between them matters, apart from their credit profiles. Banks as a rule do not allow friends or even siblings to take a joint loan. A joint home loan can be taken by a married couple or a parent and his or her child.

In some instances, brothers are allowed to take a joint loan. However, sisters or brothers-in-law generally are not eligible to become co-applicants. Banks insist that all co-owners of the home must be co-borrowers in a joint home loan, though the reverse is not stressed.

Also, you have not mentioned the loan amount you are looking at and your respective incomes to helps us evaluate your eligibility. If you must add a co-applicant to increase your loan eligibility, opt for your earning spouse or son or daughter.

Adhil Shetty, CEO, BankBazaar.com, will respond to questions on home loans.