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Is it mandatory to have a co-borrower? If yes, who can be a co-borrower?

For married couples, it is mandatory for husband and wife to sign as co-borrowers. For single applicants, it is optional. However, having a co-borrower with regular income increases the chance of getting approval, especially for applicants with low income or below average credit. A co-owner of the property has to be a co-borrower, but a co-borrower needs not be a co-owner. A co-borrower can be a spouse, siblings, parents, and children. A friend, an organization or a company is ineligible to be a co-borrower.

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