New Delhi, March 11 -- In this article, we will understand how a joint loan application helps, and its impact on the credit score and report of both borrower and co-borrower. Also, how two individuals can apply for a loan as a co-applicants. Usually for higher amount loans like a home loan or a Loan Against Property (LAP), it is advisable to make a joint loan application rather than applying individually.

In such cases, usually the credit institution also insists on a joint loan application as it has benefits over an individual loan application. An individual can make a joint loan application with his/her spouse, sibling, parent, etc. Also, if a property is jointly owned, the bank will seek a joint loan application mandatory as a risk mi...