Do you have queries related to home loans?
Gaurav Mohta, chief marketing officer, Home First Finance Company (external link) will answer your home loan queries.
Isha Gautam: 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?
Gaurav Mohta: 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.
Rishi Thakkar: 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?
Gaurav Mohta: 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.
Shivam Narang: 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?
Gaurav Mohta: 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.
You can find more of Mr Mohta’s answers here.
Note: The questions and answers in this advisory are published to help the individual asking the question as well the large number of readers who read the same.
While we value our readers’ requests for privacy and avoid using their actual names along with the question whenever a request is made, we regret that no question will be answered personally on e-mail.
Source: Read Full Article