Can I get a housing loan for my father’s property?
The bank or any financial institution will not give any home loan to you as the property is in the name of your father. If you require home loan you have get the property transfer to your name from your father. You can avail only personal loan. In that case the rate of interest is bit high.
Can I take home loan on my father property in India?
Yes you can. But your father, as the owner of the land, will have to be a co-borrower for the loan. Also, you will be able to avail of the tax deduction on the loan repayments only if you (and your brother) are owners or co-owner of the house property.
Can I build a house on my parents land in India?
Answers (1) Dear Sir/Madam, if the said site is belong to your father’s self acquired property, he can do as he wishes but your father has no right over the first floor building, should give the entire cost of the first floor building to you, you have right for the same in limited extent.
Can I take home loan on my mother property India?
In case the property is only in your mother’s name, then you can ask her to become a co-applicant in the home loan. In case the property is ancestral, then a No-objection Certificate is required from every single heir and then you can apply for a loan, with your mother being a co-applicant of the home loan.
Can I take home loan if land is on my mother’s name?
The answer of this question is very easy. You can get the housing loan from the bank by your mother’s name because the land is registered by your mother’s name to construct a house on your land but for it you will have to apply in the bank by your mother’s name.
Can I get home loan if property is not in my name?
The owner of the property should always be the main applicant. A person can jointly apply with his spouse. The property may be in the name of any one of the two. The person whose income is considered for the loan need not necessarily be the owner of the property.
How can I claim my father property?
1. You can claim your father’s property on ly if your father dies intestate. 2. In that case you shall inherit his said property alongwith his other legal heirs like your mother and his other children.
Can I get a mortgage on my parents property?
To be considered for this kind of age-related interest-only deal your parents will need a deposit of at least 25% – although it could be as much as 33% – to put towards the purchase of a property. And they would also need to show they had sufficient income to support the mortgage.
Can I take home loan for parents?
Parents and daughter: Most lenders don’t lend to a married woman who jointly applies with either parent for a home loan, irrespective of their share in the property. In this case, the legal heir of the married woman would be her husband, and her siblings would have the right to her father’s share of the property.
Can father and son take home loan for same property?
Son and father:
A father and his son (if there is only one) can be co-applicants in a home loan if they are joint owners in the property. If the income of a father is considered for home loan eligibility, his age will be considered to ascertain the home loan tenure.
Can two person take home loan for same property?
Yes, if husband and wife are co-owners of the property, they can avail of a joint home loan, and both of them can also claim tax benefits on interest payment and principal paid under Section 24 & Section 80 C of the Income Tax Act.
Can I buy house from my parents India?
Property can be purchased from any legal owner irrespective of relation. – Yes, legally you can buy a property from your father. – But before sanctioning of the loan , the bank will look that the said property does not have any mortage or housing loan presently.
Can I buy property in parents name?
Experts say an individual should be extra careful when taking money from parents or relatives to buy a property. In such a scenario, it is best to show the funds as loan even if a person doesn’t wish to take it back. In this case, too, the receiver will need to pay tax of the amount exceeds Rs 50,000.
Can a father gift a property to his son?
In case of Father’s self-acquired property
A person can make the will of his property in favor of his one son out of 2 or more. Father can gift his self acquired property to one son, if another son has given his monetary share to the property then he can claim his rights in court.
How can I transfer father property to son in India?
Documents Required to transfer property from father to son
- Will/ testament.
- Certified copy of death certificate of the father.
- Succession Certificate.
- No-obligation certificate from the other successors/heirs along with the affidavit.
- Lineage list certificate.
- Relinquishment deed (if required)
- Gift deed (if required)
Can my father give me his house?
Your parents can give their home to you as a tax-free gift if the transaction meets the Internal Revenue Service definition of a gift. Your parents must legally own the property and intend to give it to you as a gift. They must relinquish all rights and ownership of the house and retitle the house in your name.
Who is the legal heir of father’s property?
The Supreme Court on January 21 made it clear that Hindu daughters would be entitled to inherit the property of their father in the absence of any other legal heir; they would receive preference over other members of the family in inheriting the property even if the father does not leave behind a will.
Can a father gives all his property to one child?
A father cannot freely give the ancestral property to one son. In Hindu law, the ancestral property can be gifted only under certain situations like distress or for pious reasons. Otherwise, the ancestral property cannot be given away to one child to the exclusion of all others.
Does daughter have right in father’s property?
Daughters after the Supreme Court judgment of 2005 have become coparceners. Hence, they have equal rights in all Property, including agricultural lands. Both men and women are equally capable of holding their own, separate Property. Any restrictions on property rights are the same for all genders.
How do I claim my father’s property after death?
You should file an application in the civil court of the district where the property is of the deceased or where he normally he lived in. A notice will then be given by the court to you – the legal heirs; and an ad will also be published in the newspaper.
Who is the owner of property after father death?
Since your father died intestate, that is, without making a will, all the legal heirs, including you, your brother and your mother, will have equal rights over the property. If he had made a will making your brother the beneficiary of the property, you would have had no legal right over the said property.
What happens if my father dies without a will?
If there is no surviving partner, the children of a person who has died without leaving a will inherit the whole estate. This applies however much the estate is worth. If there are two or more children, the estate will be divided equally between them.
What happens to a house when the owner dies without a will?
In most cases, the estate of a person who died without making a will is divided between their heirs, which can be their surviving spouse, uncle, aunt, parents, nieces, nephews, and distant relatives. If, however, no relatives come forward to claim their share in the property, the entire estate goes to the state.
Can daughter challenge father’s will?
Yes you can challenge it. But before that some aspect has to be seen that is whether property was self acquired property of your father and if so then your father has absolute right to execute will under section 30 of Hindu succession act.
How a married daughter can claim father’s property?
What is the share which married daughters can claim in their father’s property? According to the Supreme Court judgment, in her father’s ancestral property, a daughter gets an equal right along with her brothers.
Can daughter claim father’s property after 12 years?
No, they can not claim the right of the property after 12 years. The law on adverse possession is contained in the Indian Limitation Act.