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How to get Home loan on father's property
18-Dec-2023 (In Property Law)
Hello,
My father has 2bhk property co-owner with his younger brother(50-50).
As my father is not earning not, I want to take 40L home loan and give it to my uncle and buy 50% of his share. But bank is not giving home loan on this. Any other path that I can try?
If you are a earning member of the family, your father can transfer his 50% share in your name and you can apply for home loan. This way, the bank can sanction home loan in your name and you can give the money to your uncle to buy his 50% share.
Regards,
Adv. Shrikant Bagade
Regards,
Adv. Shrikant Bagade
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Adv. Shrikant Bagade
Mumbai | 100+ 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 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.
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.
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