4 Replies to “What is a co-borrower and what are the previlges they enjoy over a property?”

  1. Depends on whether you are also a co-owner (on the property title). If you’re only on the mortgage note, you have no “privileges” other than being jointly responsible for the loan.

  2. If all you are is a co-signer, you have no privileges and all the same risk as the other borrower (in other words, full risk of the value of the mortgage).

    See why co-signing is a very bad idea?

  3. In most cases they own 1/2 of the property. If they do not reside on the property their rights to actual use mirror that of a landlord, where they own but have limited rights.

  4. if you are co-owner and co-borrower you are responsible for every thing and eligible for all privileges and benefits to the extent of your share.

    if you are only co-borrower you are responsible for repayment of loan and also you can avail all IT benefits to the extent of 50% of the interest & principal payments every year during the loan tenure. you don’t have the rights over the property in any manner on legal angle.

    if you are only co-owner still you have the responsibility over the loan if the borrower fails to pay. in such case the lender will foreclose and settle your amount.

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