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Interest rates on home loans have sunk to a 15-year low of 6.75 per cent (on amounts of Rs 75 lakh and above).
If your current income does not allow you to borrow the amount you need, one option you may exercise to increase your eligibility is to take a joint loan with a relative.
While it is easiest to get approval for a joint home loan with a spouse, especially in double-income households, you can also take a joint loan with other close relatives, such as parents, siblings, and children.
Drafting a relative as co-borrower can have several benefits.
