A person who jointly takes a loan with the primary borrower. Unlike a guarantor, a co-borrower's income is considered for loan eligibility, and they share equal liability from day one. Both borrowers are equally responsible for repayment.
A husband and wife jointly apply for a home loan. Both are co-borrowers — the bank considers both their incomes for the loan amount. Both are equally liable for EMIs. Benefit: Both get tax deductions on interest (up to ₹2 lakh each under Section 24).
Upload your agreement and our AI will explain every clause — including co-borrower — in plain language.
🛡️ Analyse Your Document Free →