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Buying property on uncle name is it possible
13-Jun-2023 (In Property Law)
I want to purchase a property but im not eligible for home loan due to my age and IT return file.My uncle is eligible for loan so i want him to take on his name. Problem:-I want to add my name as co owner or joint owner of property. Or is there any another way to have authority on property in future. Trust issue
Hi if you purchase property in name of Uncle along with you, then both of you will be coowner. It's totally depends upon your relations. Your uncle may claim 50 percent ownership. If entire loan is to be repaid by you then you ask your uncle to execute sale deed of half share of Uncle in your favour along with loan libility. This deed will be executed after first sale deed executed in favor of both of you.
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16+
16+
Adv. Ajay Ashok Joshi
Pune | 25+ Answers
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Can I claim home loan on parents property?
Before applying for a home loan, you must obtain a signed No-objection certificate from all legal heirs if the property is ancestral. If the property is owned by your mother, she must be co-applicant for the loan. 04-Oct-2021
Can I take home loan on my uncle property?
You cannot get a loan for a property that is not registered if its a second home. Before you can apply for a home loan, the registration process must be completed.
Can I get home loan on my fathers property?
You can obtain a loan for your fathers home if he agrees to co-apply or be a guarantor. The lender will take into account the market value of the property, the borrowers income and creditworthiness when determining eligibility for a loan and the interest rate.
Can I take home loan if property is not in my name?
A co-owner can request a Home Loan. However, in this case, the co-owner will be the primary owner of the home. You can apply for a Home Loan jointly. Two co-owners may apply for a loan together.
This is my response to you:
1. You can be the joint co-owner;
2. You must also issue the share certificate in your name;
3. All the society papers should be in your name;
4. Make sure your uncle executes a Power of Attorney in your favour;
5. Make a sale clause in your POA, that gives you the real right, title and interest in the property;
6. Also take it in writing that your uncle will not claim the property from you now or in the future.
1. You can be the joint co-owner;
2. You must also issue the share certificate in your name;
3. All the society papers should be in your name;
4. Make sure your uncle executes a Power of Attorney in your favour;
5. Make a sale clause in your POA, that gives you the real right, title and interest in the property;
6. Also take it in writing that your uncle will not claim the property from you now or in the future.
Helpful?
23+
23+
Adv. Gowaal Padavi
Mumbai | 500+ Answers
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Dear Querist, This can become a big mistake. If for whatever reasons your uncle's intention changes then it can be a nightmare for you. If you are minor, then ask him to buy the property in as your guardian. so that once you become major you automatically become the owner and have full authority on the said property.
Regards,
Rakesh V. Misar
Regards,
Rakesh V. Misar
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14+
14+
Adv. Rakesh Misar
Mumbai | 200+ Answers
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