{"id":23242,"date":"2013-08-20T17:50:23","date_gmt":"2013-08-20T12:20:23","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=23242"},"modified":"2020-06-15T03:46:16","modified_gmt":"2020-06-14T22:16:16","slug":"difference-between-co-owner-and-co-borrower","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/difference-between-co-owner-and-co-borrower\/","title":{"rendered":"Difference between a Co-owner and Co-borrower"},"content":{"rendered":"

\"co-owner-home-loan\"The most common terms used in the home loan transactions are co-owner and co-borrower. Although both terms seem similar, they are not exactly the same, each possesses a different meaning. Co-owner and co-borrower both terms are interrelated terms but are not interchangeable terms with respect to the home loans. Home buyer highly prefers home loans while buying property or home for better finances. The loans taken for the property buying purposes reduce income tax liability of the borrower which makes it easier and cheaper to build a fixed asset. Joint home loans have the double benefits. It increases the overall loan eligibility and income tax rebate can be claimed by both applicants individually under Section 80C and 24. The co-applicants of the loan should be co-owners of the property for which they have applied for the loan. Most banks and financial institutes allow maximum six applicants in a joint home loan and these applicants must be in relation or in some way related to each other. Provisions for such joint home loans are different for every bank and financial institutions.Co-owner<\/b>Co-owner is the person who owns a house or a property with another person. Co-owner possesses a legal share in the property which is shared between two or many persons. Co-owner can not be a minor or a person who is not eligible to participate in the contracts as per the Indian law. Co-owner is liable to pay the property tax as he has a share in the property. The liabilities of the co-owner are same as that of to the co-borrower. The co-owner must be co-applicant off the property loan as he\/she is a joint owner of the property. The co-owner is entitled to tax benefits against the home loan taken on the property under Sections 80C and 24 of the income tax regulations.Co-borrower<\/b>Co-borrower is the person who shares the responsibility repayment of the loan, which shares the home loan and it is deemed to have borrowed the loan from the bank or financial institute along with the main borrower. The co-borrower and co-applicant both mostly are the same person. Co-borrower takes the responsibility of the main borrower for repayment of the loan but doesn\u2019t share the ownership of the property. The co-borrower just takes the responsibility of the loan taken by the main borrower. The main aim of the co-borrower is to give a guarantee of the debt for the main borrower. In case of inability or death of the main borrower, the co-borrower is liable to repay the loan amount to the bank or financial institution. The co-borrower is also eligible for tax benefits under the income tax laws only if he is also the co-owner of the property. A co-borrower is entitled to tax rebates under the regulations of the income tax. The repayment of the home loan is equally liable to the co-borrower as it is to the main borrower.Co-owner is always a co-borrower in case of joint home loan, but co-borrower need not to be a co-owner of the property. If the applicant fails to meet the lending criteria of any lender, then co-borrower can be of the critical importance is such cases. Co-borrower is widely known as the guarantee of the main borrower of the home loan.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b>\u0437\u0430\u0439\u043c \u043d\u0430 \u043a\u0430\u0440\u0442\u0443 \u0431\u0435\u0437 \u043e\u0442\u043a\u0430\u0437\u043e\u0432 \u043a\u0440\u0443\u0433\u043b\u043e\u0441\u0443\u0442\u043e\u0447\u043d\u043e<\/a>\u0432\u0437\u044f\u0442\u044c \u043a\u0440\u0435\u0434\u0438\u0442 \u043e\u043d\u043b\u0430\u0439\u043d<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The most common terms used in the home loan transactions are co-owner and co-borrower. Although both terms seem similar, they are not exactly the same, each possesses a different meaning. Co-owner and co-borrower both terms are interrelated terms but are not interchangeable terms with respect to the home loans. Home buyer highly prefers home loans […]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[445,433],"tags":[],"class_list":["post-23242","post","type-post","status-publish","format-standard","hentry","category-legal","category-tips"],"blocksy_meta":[],"yoast_head":"\nDifference between a Co-owner and Co-borrower -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bharatestates.com\/blog\/difference-between-co-owner-and-co-borrower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Difference between a Co-owner and Co-borrower -\" \/>\n<meta property=\"og:description\" content=\"The most common terms used in the home loan transactions are co-owner and co-borrower. Although both terms seem similar, they are not exactly the same, each possesses a different meaning. Co-owner and co-borrower both terms are interrelated terms but are not interchangeable terms with respect to the home loans. 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