Having a Co Applicant increases Tenure of Loan?

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Last Comment 2024-07-21

2024-07-19

We want to transfer our homeloan from NBFC to any banking entity and we want to take a top up loan also for our personal and educational purposes.My father age is 44 so they said that the tenure will be mostly 15 years i.e upto his 60th year,which usually leads to higher EMI.So I am ready to be a co applicant for my father..but they are saying the tenure will be based on our father's age only and Co applicant presence will not effect the tenure.But when I googled it I got to know that younger co applicant can increase the loan tenure.which is correct?

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https://www.desidime.com/comments/permalink/10214386

rubyx5566

2024-07-21

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If you have a good income then it's possible, My father's age is 61 and I am 26 , he got the tenure till 80 age because he has added me as joint borrower.