Legal help- please its urgent

Guest (Querist) 08 July 2013 This query is : Resolved
Hi Experts...

My husband is an NRI. His Parents asking him to take a loan of 1Cr for buying a property and they are promising to pay the interest every month and will pay the full loan amount within 4-5 months ( they are trying to sell another land last 4 months for the sum amount, but they are unable to sell it now).

Any other risk for my husband for taking loan for them?
Please advise me all the legal sides, positive/ negative?

Thanks in advance
Regards
Sumi

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Anirudh (Expert) 08 July 2013
The best way is to get the loan, get the house registered in your husband's name and keep it as such. Your husband will continue to repay the loan instalments and the property would remain his.

IF HE TRANSFERS THE PROPERTY IN THE NAME OF HIS FATHER, (THOUGH HE CANNOT AT DO SO, AS LONG AS THE PROPERTY IS UNDER LOAN WITH THE FINANCIAL INSTITUTION/BANK) ONLY THEN THERE WILL BE PROBLEM.

It is not quite clear how any one will be in a position to clear the entire loan amount of Rs. 1 crore within a period of 4-5 months? If that be the case, what prevents them from entering into an agreement to purchase with a condition that the purchase consideration for the property which they propose to buy would be paid within 4-5 months?

I smell a rat in the whole issue. YOU APPEAR TO BE QUITE CAUTIOUS. YOUR HUSBAND ALSO NEEDS TO BE CAUTIOUS - HOW TO TELL HIM IS YOUR LOOK OUT. (The other suggestions by you like taking some surety etc. etc. would not work out.)

Guest (Querist) 08 July 2013
Thanks for the reply Sir...
We are not interested to keep that property and pay back the loan for that.We are also planning to come back and settle next year so probably we also need some loan to buy house.
As the property they are planning to buy is an adjacent house with FIL's house (that means both house share a common wall).
For buying that portion they first decided to sell other land. but now the market down they are not able to sell. Thats the main reason they are asking for the loan as he is an NRI he will get 1 Cr loan with his pay slips and when they able to sell some other land will repay the loan.
Its not a better option for us to keep that property and pay the loan as its better to live in some other place rather than near to my in laws.

ajay sethi (Expert) 08 July 2013
let your husband take the call .if he wants to help his parents by taking loan let him do so . hope that parents are able to sell of the other land and repay your husband . indian economy is in doldrums . fast recovery is a pipe dream .