I was gifted some money by my father during our marriage. It has been 6 years. Now this amount plus

Question

I was gifted some money by my father during our marriage. It has been 6 years. Now this amount plus

12-Jul-2023 (In Family Law)

I was gifted some money by my father during our marriage. It has been 6 years. Now this amount plus it's interest for 6 years is maintained as joint account (husband and me)in a bank. We are planning to buy an apartment in our place. 60% of the investment will be by my husband in the form of home loan. Rest 40% will be the amount gifted by my dad as I am unemployed at present. My husband says he will make me the co-applicant of the home loan of the property but not the co-owner of the property.

Answers (2)

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Advocate Niyas Fazal A LawRato · Accepted Answer · 2023-07-13T06:58:41+05:30

Answer #1

You didn't say what your question was. Anyways, It doesn't matter if you are not an applicant for the loan, you should be a joint owner of the property. Because you are paying the down payment, so you should be a joint owner of the property. However, the subject of your question is Family. But it's a purely civil question than family law.

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Advocate R. Madhuraj LawRato · Accepted Answer · 2023-07-13T08:26:08+05:30

Answer #2

Since you are paying 40% , it is wise to include you as the Co owner. Being a Co applicant to loan confers only liability on you ,and no right is vested because of that. No material use. Usually banks demand them to make wife also as Co applicant . It could be the reason behind such an offer.

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