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A few tips for those considering co-applying

Individuals who cannot afford a home loan on their own should consider co-applying with a partner or relative to increase their chances of qualifying for a bond, says Mpho Ramatong, FNB Home Finance Division Channel head for housing schemes.

When evaluating joint bond applications, banks adhere to normal credit and affordability assessment criteria, yet the profiles of all the co-applicants as well as their combined income is taken into account.
Ramatong shares a few tips for those considering co-applying:
◆All parties must have a good credit record to qualify and get a favourable interest rate.
◆All parties should be financially disciplined when honouring monthly bond repayments.
◆The bank account from which the home loan instalment will be debited should always have funds available on the debit date.
◆All parties must share common objectives to avoid complications.
◆All parties should consider having life and disability cover to ensure the home is protected.
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