Co-borrower
Definition
A person who jointly takes a loan with the primary borrower. Both are equally responsible for repayment. Common in home loans (spouse as co-borrower). Benefits: higher eligibility, joint tax deductions under 80C and 24(b).
A person who jointly takes a loan with the primary borrower. Both are equally responsible for repayment. Common in home loans (spouse as co-borrower). Benefits: higher eligibility, joint tax deductions under 80C and 24(b).