Hi, I liked a home that cost 1.1 crore. I don't have a down payment hence I decide to take this in joint name with my friend, who had 40 lakh rupees. Will bank permit home loan of 70 lakh to me to take this home in joint ownership with friend.

Ans: In order for the property to be mortgaged, the sale deed for the same has to be submitted to the lender as collateral. This implies that all co-owners are involved in the loan by default. So, it is necessary that all co-owners are also co-applicants to the loan.

If the co-applicants are earning members, it helps you since consideration of multiple incomes through co-applicants improves your eligibility and helps you get favourable terms on your home loan.

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.

Ans: I feel both answers are not pertaining to income tax act. You can check with Bank

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

Ans: There are a couple ways to consider approaching this situation, transferring the house title to your name or having your name added to the title jointly. Here's a breakdown of both:

Transferring ownership:

Method: This would involve a deed transfer, likely a gift deed since you're not paying your husband. There would be stamp duty charges associated with the property value. You can find the stamp duty rates for your state online.

Cost: The exact cost would depend on the property value and your location, but it could be significant. Here's a resource to get an estimate of stamp duty in various states https://www.proptiger.com/emi.

Adding your name to the title jointly:

Method: This would involve adding your name to the existing sale deed. There would likely be legal fees involved in revising the deed.

Cost: Generally less expensive than a full transfer. Consult a lawyer to get a precise estimate for your situation.

Important things to consider:

Talk to your husband: Ensure you and your husband are on the same page regarding the ownership change.
Consult a lawyer: A lawyer can advise you on the best course of action based on your specific situation and can help you navigate the legalities of the process.
Here are some additional points to keep in mind:

Even if the house is solely in your husband's name, your contribution towards the loan payment can be documented. This can be helpful if there's ever a dispute in the future.
I hope this information helps! Remember, I cannot provide specific legal or financial advice. Consulting a lawyer is recommended for the most accurate guidance for your situation.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in