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Gaurav Mohta | Answer |Ask -Follow

Answered on Nov 09, 2022

Question by Shivam on Nov 09, 2022Hindi

Money

I have a friend who wants to apply for housing loan but the house is under mother’s name so can my friend apply for power of attorney and then apply for the loan? Will it be one of the procedures for the loan success?

Ans: In order to apply for a loan against a certain property, all owners of the same have to be involved in the loan. So, either your friend’s mother will need to be involved in the loan or the sale deed will have to be transferred in your friend’s name before applying for a home loan against it.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Tulika - Oct 14, 2022Hindi

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My father is taking a home loan to buy a house for me. I would like to know if he can get the property registered on my name. He has a good credit score and will be paying off the loan of 20 lakh. He doesn't want to register the flat on his name and then spend another 5 lakh to re-register it in my name. So my question is, can he take the home loan but register the property in my name?

Ans: For any lender, home loans are sanctioned in the name of the homeowner so the responsibility of repayment lies with the borrower. So, you can have both of your names in the sale deed and apply for the home loan as co-applicants. That way your father’s bank account can be registered for repayment of home loan.

While this is the ideal solution, you can also choose to have the property registered in your father’s name along with the home loan. Once the home loan is paid off, he can create a gift deed for you to transfer the ownership.

Gaurav Mohta | Answer |Ask -Follow

Answered on Nov 09, 2022

Question by Rishi - Nov 09, 2022Hindi

Money

My father had purchased a property in 1999 with Joint ownership (Father and Mother). My father expired in 2007 and it was transferred in the name of my mother. My mother nominated both her children equally through Nomination forms with Society. My mother passed away in 2019 and society transferred the property in the name of me and my brother (Affidavit was submitted). I am a co-owner and I intend to purchase my brother’s share and purchase his right through housing loan. Wanted to know whether such a transaction will qualify for housing loan and whether lending institutions will grant me housing loan to buy his share of right?

Ans: Since this is an internal transfer of property between two related parties, you will not be able to get a home loan for the same.

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Financial Planner - Answered on Dec 06, 2023

Question by marines - Nov 27, 2023Hindi

Money

MY Friend is 49 and having a home loan in her name, Is it possible to add her son as co-applicant in middle of the home loan tenure. if it is not possible in the present bank, if she switch to other bank, is it possible to add her son also. pls advice, if so whether her son can also get income tax benefit for paying home loan. Pls advice.- shiju

Ans: Yes if he is earning and fits in the criteria of loan

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