Can I take loan in my name for property in my son’s name
Yes you can. But here you should mention that the said property is going to be gifted to your parents. Here you should mention the same in the Deed as one of the recital to the it. in case if there is problem occurred from bank side,m then your parents should answer to all the question.
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 my parents buy a house in my name India?
The mother can gift the house/plot to her daughter. For such purpose, a gift deed will have to be executed and duly registered with the Sub-Registrar. The gift deed is to be executed on a stamp paper, the value of which would be based on the market value of the property.
Can Mother property son take 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. If you want to take a home loan on mother’s property, then the property has to be in the applicant’s name.
Can I get home loan if the property is in my father’s name?
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 buy a property in my son’s name?
A If your sons are under 18 then no, you can’t buy the house in their names because minor children can’t own property – it has to be held in trust for them. But even if your sons are adults I am not sure why you would want to put a house that you want to live in until your death in their names.
Can a son purchase property in mother name?
Yes, son can purchase the property from his mother . There is no bar for such kind of transaction. Son has to take care that will should be registered or there is no objection from other legal heirs.
Can I buy property in my mothers name?
According to the amended Act, you can buy property only in the name of your spouse or in any of your children’s name without being a joint holder. Buying property in your mother’s name could now fetch you seven years in jail.
Can a father give his property to one 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.
Can I buy a flat in my daughter’s name?
Parents have four options: they can buy a property in their own name, but let their children use it; they can buy it directly in their children’s name; they can take a charge over the property; or they can set up a trust.
Can a property be registered in two names?
It is possible to agree that owners acquire the property in different shares; for instance, one person owns 70% and the other 30% of the single property. The different shares can be recorded and registered in the title deeds by the Deeds Office. Co-ownership is when one or more people jointly own the same property.
Who is the legal owner of the property?
The legal owner of a property is the person who owns the legal title of the land, whereas the beneficial owner is the person who is entitled to the benefits of the property.
Can I make my son joint owner of my house?
If your parents do decide to make wills – and assuming you are tenants in common – they can each leave their share in the house to whoever they like. If your son inherited a share, he would become a joint owner alongside you and your surviving parent.
Can one person take out a loan on a jointly owned property?
One person can borrow on a jointly-owned property. All parties must consent to the loan. All parties are joint and severally liable for the loan. Every loan is considered based on its individual circumstances.
Can I be on the loan but not on title?
The entire definition of a “mortgage” requires a borrower to be on title because a mortgage refers to a debt instrument or promissory note that is tied to real estate as collateral. If the borrower is not on title, the property cannot be tied to the promissory note. Buyers can be on title without being on the loan.
Do all owners have to be on mortgage?
All titleholders to a parcel of real estate must sign any mortgage. People who don’t own the property can also sign the mortgage without causing a problem.
Can you use someone else’s property as collateral for a loan?
Short answer: yes, you can put up collateral for someone else’s loan. The bank will be happy to take your money, give it to the other person, and return it to you on completion of the loan (keeping the interest the security makes on the money market and the interest they’re charging the other person for themselves).
Can I get a loan to build a house on my parents land?
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 borrow against a property?
If you’re a homeowner, you may be able to borrow against your property with a form of secured loan known as a homeowner loan. A secured, or homeowner, loan is also known as a second charge mortgage.
How much collateral is needed for a home loan?
Home’s collateral value
The collateral value of a home is usually 70 per cent of its market value, but this depends on, say, the amount of housing company loan on the share certificate or the stage of completeness if the home is under construction.
Do banks do collateral loans?
Many banks and credit unions offer secured personal loans, which are personal loans backed by funds in a savings account or certificate of deposit (CD) or by your vehicle. As a result, these loans are sometimes called collateral loans. There is frequently no upper limit on these types of loans.
Can I sell my house if it is collateral?
When your property is under debt, it means that its ownership documents are with a lender. To sell this mortgaged property, you will require the lender’s assent, which is unlikely unless you repay the mortgage loan you have availed.