Ownership of land
Sanjay Ghatak
(Querist) 17 November 2010
This query is : Resolved
Learned Lawyer friends,
A piece of land is owned by father. He has got 3 sisters and 1 son. Father has already started building the house and his fund has exhausted with an understanding that the rest of the house shall be completed by his son. The son went to bank for a housing building loan but bank says he is not eligible for the bank loan as the land is not in his own name. What is the solution ?
S. Ghatak, Ranchi
R.Ramachandran
(Expert) 17 November 2010
Your father himself can apply for the loan on the basis of the land that he possesses and the building that will come up on it. Being his son, you should come forward to repay the loan by monthly EMIs.
[However, after obtaining the loan, there should be a proper family settlement / understanding or proper WILL made by your father clearly indicating what will go to whom i.e. what will go to the three sisters and what will go to the son.]
Parthasarathi Loganathan
(Expert) 17 November 2010
If your father could either as a co-obligant or guarantor to the loan, then bank should consider your loan application on merits provided you submit a Income generation proof and KYC norms. If the Bank is still not convinced about your loan eligibility you are welcome to approach another nationalized bank.
adv. rajeev ( rajoo )
(Expert) 17 November 2010
It is the duty of the father to apply for the loan. If you want to apply for the loan you will have to get the tittle of the property as joint owner or individual.
Sri Vijayan.A
(Expert) 18 November 2010
I agree with Mr.Parthasarathy
