At present, up to 7 people can co-sign a home with the primary applicant. But, all of those need to be blood relatives of the family member.

It is calculated on the basis of the principal loan amount, the tenor of the loan and the interest (floating or fixed) that is charged. After part payment or interest rate changes, the EMI is also bound to change.

Banks usually take some additional securities which are called collateral securities. Collateral could be in the form of guarantee from one or two persons, assignment of life insurance policies, the surrender value of which should be equal to the loan amount, deposit of shares, and units or other securities. These additional securities are taken just in case a loan is not paid back, recourse may be taken to such securities instead of depending upon the mortgage of the property which is the last resort.

Yes, and you will have to insure that the property for fire and other appropriate hazards, as required by the banks during the loan tenure. The banks will be the beneficiary of the insurance policy. You will also have to produce proof evidence, whenever required by the banks. This is an added cost that will add to the final cost of purchase of the property.

A Co-Applicants is/are the Co-Owners of the property in respect of whom the financial assistance has been sought. However all co-applicants need not be co-owners. Usually co-applicants are: husband/wife, father/son, mother/daughter etc.

The home loan is sanctioned as soon as all the required documents are submitted and verified successfully. This procedure takes anywhere between 10 to 30 days.