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how to avoid bank rules related to co-owner for grant of loan?
19-Jul-2023 (In Property Law)
I am planning to purchase a flat this month and seek staff home loan from my own bank as I am a banker by profession. However as per the policy the flat needs to be in my name only and/ or my spouse jointly but we want to make my father in law as the co- owner. But as per policy I can't include anyone else as co- owner. Now the registration is supposed to be done after 3 years as we will be getting the possession then and we will have to submit the deed to the bank now. My question is - Is there any way wherein I can avail the staff home loan and after all disbursements and registration process is over, I can involve my father in law legally with the property so that in future he doesn't feel that he does not have any right on the property.
Whatever you wish for can be done. I, personally thank you for your good thinking, I have never seen a man thinking about his father in law so much, I have seen brother fighting with brother for a piece of land, father and his son fighting for same land.hats off sir. Now again coming back to question. It can be done,we will help you, and you need to consult us. Call Lawrato for further details.
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Adv. Rahul Uday Singh
Kolkata | 200+ Answers
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You have to be abide by the rules of your employer bank. The sale deed is to be deposited with your said employer and the same shall be under the custody of your employer till the entire Loan amount is paid back.Under the circumstances,I don't find way to bend the extant rules to accommodate your desire.
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Adv. Goutam Majumder
Kolkata | 200+ Answers
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Your query is incomplete, is Ur father in law paying you money for that u want to make him co-owner of the flat? Is your wife agrees to that? Is your wife herself only the legal heir of her father? If your wife is having other siblings then after your father in law that particular property will be automatically go to his legal heir if he had any other than your wife.
Now answer to your question is that after disbursement of loan you can Gift to your father in law whatever portion you want to give.
Now answer to your question is that after disbursement of loan you can Gift to your father in law whatever portion you want to give.
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Adv. Sunderjit Nanua
Kolkata | 25+ Answers
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