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Clarification regarding loan and share on co owned property
23-Jul-2023 (In Property Law)
I wish to know if I am purchasing a property in my Mother's name, then am I eligible for a home loan? If I am a co-owner of a property (my mother being the other partner), will my wife have a claim on the property in case of a Divorce situation?
You need to be the joint owner in the property if you want to take loan on the said property.Further, your wife will have claim on the property which belongs to you i.e in the present case you have 50% right over the property.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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Yes
Your wife will eligible for share limited to you as a class one heir.
If you are co-owner then you can apply for loan individual or with no objection of monther or within your limitation of your share
Your wife will eligible for share limited to you as a class one heir.
If you are co-owner then you can apply for loan individual or with no objection of monther or within your limitation of your share
Helpful?
Adv. Pavankumar Bhansali
Pune | 25+ Answers
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This is my response to you:
1. Your mother will become the secondary applicant for home loan;
2. If she is earning or pensioner then you will have to ask the bank for eligibility of the loan;
3. If the bank does allow then you have no problem;
4. If the wife contributes to the share or if her name appears in the flat name, then during divorce proceedings she is eligible to stake a claim.
1. Your mother will become the secondary applicant for home loan;
2. If she is earning or pensioner then you will have to ask the bank for eligibility of the loan;
3. If the bank does allow then you have no problem;
4. If the wife contributes to the share or if her name appears in the flat name, then during divorce proceedings she is eligible to stake a claim.
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Adv. Gowaal Padavi
Mumbai | 500+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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