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Coowner home loan perpose of a land
17-May-2025 (In Property Law)
If there are 3 co-owners of a land and two of them want a home for creating a house of G+2, and the other 2do not. But one of the co-owners does not want to be a part of the loan, but she will sign the no-objection or power of attorney. Then what will be the procedure for the 1st person to take a home loan?
What I would suggest you is to talk with the other co-owners mutually and execute a mutual partition deed and register it. In this case the property will be divided by metes and bounds between all the co-owners and everyone will know which portion is his or her share and in such event no dispute will arise with the construction or with taking the home loan. please contact us for more detail details
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Adv. Abhishek Dutt
Kolkata | 5+ Answers
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For the 1st co-owner to take a home loan, she must obtain a No Objection Certificate (NOC) from the other two co-owners, clearly stating their consent for construction and that they have no claim over the loan. If one is unwilling to be part of the loan but agrees via Power of Attorney or NOC, the bank may still consider the loan application. Ensure all co-owners sign a registered agreement clarifying their consent and share in the land to avoid future disputes. The bank may also insist on mortgaging only the applicant’s share or require additional documentation.
for further discussion kindly contact me.
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Adv. Pallavi Saha
Barrackpore | 50+ Answers
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