Many people, who are in working age, want to make a life for themselves, want a house, want a ride, and want stabilities in their life. But the time for collecting the money is not much, it makes their credibility less too. Moreover, if they have other burden such as paying installment for a car, it’s make borrowing for a thing that bigger passed the consideration from financial institutions harder. The more burdens you have, the less ability you can repay. To make the request for loans easier, TerraBKK willing to recommend the “Co-borrowing” that makes you get the more amount of loans and easier to get approval.

What is the co-borrowing? It is adding the income base to be enough to pay installment in the wanted loan amount by use another person to be debtor together. Both borrowers must pay off the installment of this loan together within specific period. Co borrowing will have a main borrower and co borrower up to condition of each bank that define unequally, but most is not more than 1 – 2 persons.

Co borrower eligibility Generally, eligibility of co borrower is not different from general borrower that is must have income and stable job, already become one’s legal age, no too many debt and no bad financial history (such as credit bureau). Some bank define clearly that co borrower must be close to borrower such as parents, husband or wife or true brother and sister only because bank want to ensure that co borrower must have responsibility together with borrower really.

Co borrowing procedure It is not different from general borrowing. Only co borrowing has two names of debtor and use the salary slip of them for consideration.

Loan amount Co-borrowing will have loan amount equal two persons request for loan together

Such as want to apply for a housing loan 2.1 million baht.

Borrower has the salary base 30000 Baht.

Bank will approve loan amount 50 times of income (may be more or less than up to the bank)

You will have the loan amount 1.5 million baht.

You will see that there’s no way to get approval of such loan amount. But if you have co-borrower that has the same salary base, you will get another 1.5 million baht. Maximum loan amount that you can request is 3 million baht.

Co borrower right ผู้Both borrowers will have the right in debt and property that this is real estate that pays the debt equally on half until pay off the installment of loan and transfer to be of whomever or possess together.

Installment term ไNot over 30 years or plus the borrower age not over 65 years. In the case of co borrowing, consider the one who younger as criteria.

Co borrowing has advantage that can get the more loans and it is a responsibility of your close person. But at the same time, it is risk because if anybody abandoned the responsibility, remaining debt will be burden of another one. So, you have to choose the person who trustful and if you want to withdraw your co borrower,TerraBKK has a good exit way to tell you by ทางออกเมื่อต้องการถอนชื่อผู้กู้ร่วม

Tip :: Co borrowing differs guarantee that guarantee will not make the more loans. But about responsibility when prosecution is occurred, it is not different that if borrower default the date to repay the debt, co borrower and surety will be accused together.