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Primarily, there can be no counter effect of having a co-signor. If a applicant brings a co-signor along with his application, it actually fortifies and strengthens its application. However, as you are aware, you would be on the title and jointly responsible for the debt.The bank would disallow you being a co-signor only if it finds your debt equity ratio too skewed. If you have lot of debts outstanding as against you income, your income may not be enough to have you co-sign some more debt. This can be the only reason and I just see no other reason for the same.
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Thank you for your answer.
How does the bank determine "a lot of debts against my income"?