Co-applicant prons and cons

Deepak sharma (Querist) 14 January 2015 This query is : Resolved
I have recently applied for home loan from the axis bank and they said to me that co-applicant is mandatory so I made my mother as co-applicant.I am paying the whole EMI

Here I want to ask some question:

1. At the time of registry my mother name will be come in the registry?

2. If some thing happens to me then who will be owner of this house? (I am married I have one daughter also)

3. Is it good to have a co-applicant for the Home loan

4. What is the role of co-applicant in the home loan

Thanks in advance

Many Thanks,

Follow Query

Report Abuse

venkatesh Rao (Expert) 14 January 2015
1. No.
2. Your legal heirs unless you make a will.
3. It is not good but obligatory and mandatory.
4. He liability is coexisting with that of the borrower till the loan is repaid.

Deepak sharma (Querist) 14 January 2015
Thanks for the time..

I have question If something goes wrong to the applicant before the actual registry then who is the owner of the flat?

Deepak sharma (Querist) 14 January 2015
Any suggestion?

Respected lawyers

ADV-JEEVAN PATIL, MUMBAI (Expert) 15 January 2015

question & Ans

1. At the time of registry my mother name will be come in the registry?
A.Yes if Agreement reflects Mother's name

2. If some thing happens to me then who will be owner of this house? (I am married I have one daughter also)
A. Legal heirs

3. Is it good to have a co-applicant for the Home loan.
A. Preferably not

4. What is the role of co-applicant in the home loan
A. on failure to pay by one other will be responsible for repayment of loan

Rajendra K Goyal (Expert) 15 January 2015
1. Not necessary till agreed among all.

2. Your legal heirs if no will left.

3. Bank prefers for co-obligation.

4.In case of default Bank liability of both would be jointly and severally.

Sri Vijayan.A (Expert) 15 January 2015
1. At the time of registry my mother name will be come in the registry?
Your Mother is co-applicant/ co-borrower for loan only. And not a Co-owner of the property.

2. If some thing happens to me then who will be owner of this house? (I am married I have one daughter also)
Your legal heirs are the joint owners of the property. They are Your wife, daughter and mother.

3. Is it good to have a co-applicant for the Home loan.
For recovering loan in the event of absence or failure or death of first borrower, the bank can get the amount from second [co]borrower.

4. What is the role of co-applicant in the home loan?
Ans.3 holds good for this also.

T. Kalaiselvan, Advocate (Expert) 19 January 2015
Your latest query:
I have question If something goes wrong to the applicant before the actual registry then who is the owner of the flat?
The applicants LRs will be the beneficiaries.

Deepak sharma (Querist) 20 January 2015
Thank you very much respected lawyers

Guest (Expert) 20 January 2015
It seems you are confused about co-applicant with reference to the bank loan and for the purpose of registration of the property with the registrar.

Co-applicant for bank loan can not necessarily be the joint owner of the property. The co-applicant for the purpose of loan means he/she should be made a joint holder of liability for the purpose of loan repayment.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries