HOUSING LOAN
Querist :
Anonymous
(Querist) 31 December 2010
This query is : Resolved
Dear Sir,
My father has a plot of 3825Sq. ft in southern dist of tamilnadu, which he bought it on his own income, Since he has become old (aged 69 yrs), he would like to "write a settlement deed" in favour myself, my sister, my brother and my mother (that is 4 UDS of 956.25Sq. ft each to enable us to construct flats/houses as per our desire. My mother is a house wife living with my father. We three (Sister, me and one younger brother) are married and settled in Chennai.
But before writing this settlement deed, my father got a building approval plan for constructing a Ground and First floor approx. for 4500 Sq. ft in the respective dist. corporation.
Since we are three siblings, we have plans to construct 4 flats (2 blocks, Ground+1st floor) each 1000.sq.ft approximately and out of these 4 flats, we are willing to give 1 flat to our parents(since they are giving this land to us!).
Before registration of the settlement deed, we have approached few nationalized banks, and private banks to know whether we are eligible to get home loans for constructing 4 flats(approval is already with our father's name), out of we 3, my younger brother is not applying for any loans and he is qoing to spend from his own savings (but, me and my sister(house wife) depends on the home loans to construct. My Sister's husband is employed so he can avail loans we believe),
The bank is asking us to register the settlement as described above and at the same time, insisting us to "get a release deed" signed by all to avail loans? We absolutely do not have any idea about this release deed and would like to know whether this will have any impact in future? Is there any alternative options available to get home loan from banks?
Kindly advise. Thanking you in anticipation
Regards,
CR.Seetharam
