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Author Topic: Need some Information  (Read 400 times)

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Offline vvksantosh

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Need some Information
« on: March 28, 2017, 03:44:49 AM »
I have a land registered on my name.I want  to build a house in it.My father want to help me by availing home loan on that land.But problem is that the land is registered only on my name.I can avail a home loan. But, What are the possible ways my father also can get home loan on the same land.

Offline advocate-lyngdoh

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Re: Need some Information
« Reply #1 on: March 29, 2017, 04:47:34 AM »
you can make an agreement with your father that you are leasing out the land in his name and he has the right to build on that land. based on the lease agreement your daddy can get loan.
Advocate Lyngdoh
Laitumkhrah, Shillong

Offline vvksantosh

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Re: Need some Information
« Reply #2 on: March 29, 2017, 05:37:06 AM »
Thanks Mr lyngdoh for the reply.

If i do so, i may not be able to get the home loan. Mine and my dad's intention is that, we both should avail home loan on the same property.

Offline advbose

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Re: Need some Information
« Reply #3 on: March 29, 2017, 06:51:19 PM »
That is possible only when the property is jointly owned

Offline vvksantosh

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Re: Need some Information
« Reply #4 on: March 30, 2017, 01:23:49 AM »
Thanks advbose. May i know the way i can make my Dad co-owner of the property..

Offline BISWA2016

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Re: Need some Information
« Reply #5 on: April 03, 2017, 06:25:06 AM »
YOUR FATHER MAY BE CO-APPLICANT

Offline adv.amarnath

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Re: Need some Information
« Reply #6 on: April 09, 2017, 09:45:25 AM »
Without discussion about how to get loan it is better to ask before bank/ financial institution.

You can get loan on the basis of your IT file and income. If bank impress then they will provide or else not. Now bank can take further risk to provide you loan on the basis of Mortgage of your property as well as making your father as guarantor. 

To make your father co-owner, you can gift some share of the property in your father's favour but how far it will help for getting loan is doubtful as bank will provide loan on the basis of secured loan i.e. mortgage and they will provide loan to your father on the valuation of his share.
« Last Edit: April 09, 2017, 09:47:54 AM by adv.amarnath »
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

 

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