Regarding bank loan on resedential flat
ravindrakumar
(Querist) 17 May 2013
This query is : Resolved
Heloo Expert,
i want to know that is it possible for son to take a lone from bank on fathers FLAT and loan amount should be paid by son only as Father is not working.
If yes please let me know process also.
Thanks in Advance
Raj Kumar Makkad
(Expert) 17 May 2013
In the given case, father shall have to become mortgagor of his property for the loan of his son.
prabhakar singh
(Expert) 17 May 2013
It is the wish of bank.For what purpose
the loan is desired by son and what is
his repaying capacity would be of prime consideration.Father's flat shall work
only as security to loan.
R.K Nanda
(Expert) 17 May 2013
no more to add.
ajay sethi
(Expert) 17 May 2013
since flat belongs to father he only can mortgage the flat . if he is a senior citizen bank may not sanction loan .
R.V.RAO
(Expert) 18 April 2014
though mortgage loans are arranged by banks against property,since your father is not working ,you need be guarantor to the bank for such mortgage loan ,if you have a regular source of income and if your credit score is also good.your father will be the borrower .
then it is possible for you to raise a bank loan against your father 's property, and you can repay same out of your income.
Approach the bank with your property papers.
