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I am willing to take home loan along with my father whose age is 64. He will be the co applicant. But as the maximum age of repaying a loan is 70 is it possible to remove his name as co applicant and I will be the only applicant of the loan after his age of 70?

Currently alone I won't get higher loan. But after 6 years I will be eligible to get the amount as loan. Is this possible?

  • Why would having your father increase your chances of loan approval? I guess he does not have any income? – Dheer Nov 2 '15 at 9:37
  • He is a pension holder with 25k monthly income.thus definitely adding him increases loan amount – saik47 Nov 3 '15 at 10:17
  • I'm assuming this is outside of the US? In the US age-based lending restrictions would be illegal. – alyehoud Dec 31 '15 at 1:07
  • "maximum age of repaying a loan is 70" - is that the rule for loans in india? – JTP - Apologise to Monica Feb 28 '16 at 14:18
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is it possible to remove his name as co applicant and I will be the only applicant of the loan after his age of 70?

This depends on the terms and conditions that your financial institution from whom you have taken the loan. Some may allow it to be removed provided there is sufficient repayment and your income has increased. Other may request for another co-applicant.

  • Or you can refinance into a loan on which he is not a co-signer. – keshlam Jan 29 '16 at 13:58

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