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Neha Sharma   15 May 2023

Can a married daughter take home loan for gifting a property to her mother?

Hi,

I am 32 years old married woman and wish to buy a property for my mother. I have a good credit score and a high paying stable job  To buy the property, i would need 20 lakh of home loan. I do not want to be the owner in the house. It is my gift to my mother.

Having discussed that with HDFC Bank and Bajaj Finance, they said it is not possible for me to avail the loan because i am a married daughter.

Is this true? If yes, doesnt it mean that a mother with no son has no right to have her own home. 



Learning

 6 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     15 May 2023

You can gift by taking a loan from other bank. Try at Another scheduled bank.

P. Venu (Advocate)     15 May 2023

No public institution can have such a norm discriminating against the daughter just because she is married.

T. Kalaiselvan, Advocate (Advocate)     16 May 2023

If you want to gift a house property to your mother then it should be on your name.

You cannot get the property registered on your mother's name while the housing loan would be on your name.

The question is not whether you are married or unmarried, but it is the question of buyng the property on whose name, because if the property is on yor mother's name, then you cannot  pledge this property as collateral secutiy for the mortgage housing loan.

First ascertain the facts and the situation and then proceed as desired.

 

Dr J C Vashista (Advocate)     16 May 2023

Purchase the house taking loan(s), clear encumbrance and gift it to anyone including your mother.

Real Soul.... (LEGAL)     16 May 2023

Let your mother borrow the amount and you stand as guarantor in the bank. Then keep depositing the installments. 

Butler Lily   18 July 2023

I think this is possible, the borrower is your mother and you will be the guarantor and pay the debt.

by the way, you can play duck life to relax.


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