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Gaurav

Gaurav Mohta  | Answer  |Ask -

Answered on Nov 09, 2022

Isha Question by Isha on Nov 09, 2022Hindi
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If I want to take a loan of Rs 15 lakh for construction of my house, should I be the only owner or is it okay, if the house is in the name of 4 people, one of them being me?

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.

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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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: Taking a joint home loan with your friend can be a viable option to fulfill your dream of owning the desired home. Banks typically consider the combined income and creditworthiness of all co-applicants when approving a joint home loan.

In your case, since your friend has 40 lakh rupees for the down payment, you can apply for a home loan of 70 lakh rupees jointly. However, it's crucial to note that each bank has its own lending criteria and may evaluate the loan application based on factors such as income stability, credit history, and debt-to-income ratio.

Before proceeding, it's advisable to discuss the terms of the joint ownership with your friend and seek legal advice to draft a co-ownership agreement outlining the responsibilities, rights, and obligations of each party to avoid any potential conflicts in the future.

Additionally, consult with multiple banks or financial institutions to compare loan offers and choose the one that best suits your requirements in terms of interest rates, tenure, and repayment options.

By leveraging the combined financial strength of both applicants, you can increase the chances of loan approval and make your dream of homeownership a reality.

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K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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Sushil

Sushil Sukhwani  |558 Answers  |Ask -

Study Abroad Expert - Answered on Nov 29, 2024

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Hi Sushil, my daughter is doing her Graduation in Psychology Hons and Research from Amity University Kolkata. She wishes to pursue higher education in Psychology for doing Masters and subsequent Doctorate abroad. Post completion of Master and Doctorate. Pls suggest for best options. Also should she settle abroad post studies or does India have better career options in Psychology in the near future? kindly suggest. Tanushyam Kanjilal
Ans: Hi Tanushyam,

Thank you for reaching out. It’s great to hear that your daughter is pursuing her graduation in Psychology and research at Amity University Kolkata.

Pursuing a Master’s and Doctorate from prestigious universities abroad, like UC Berkeley and King’s College London, would provide her with specialized courses in areas like clinical and corporate psychology, along with valuable research opportunities. These institutions also have a higher demand for psychologists, which can lead to faster career progression and global exposure.

While career options in India are growing, studying abroad can offer a broader range of opportunities. She should also consider attending international conferences to build networks and explore internships.

Ultimately, the decision depends on her career goals, preferred work environment, and the opportunities available to her after completing her studies.

I wish her all the best in her academic journey!

For more information, visit our website: www.edwiseinternational.com
You can also follow us on Instagram: edwiseint

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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