Agreement with joint owners

Dear Rachit, First please let me know why you want to purchase property in the joint name with your mother and married sister.  The answer to your firsr question is yes, there can be an agreement in the joint names and you can register the same.  However, if you intend to take home loan, bank will consider their income if any and can sanction more loan to you considering the repaying capacity of all.  However, if your sister has already availed home loan from any other source, then bank will go to reject your proposal as the property is owned by all jointly.  When you want to sell out the property, consent of all is required.  Your mother and sister can make a will in respect of their undivided share in the property.  Also, they can give that undivided share in the joint property as security for availing some other loan in future and can create charge over the property.  Thus, it may be difficult for you to sell it iout as after acquiring property, you cannot control their undivided share in the property.  Regards.  Adv. Deepak. ddkharpudikar@indiatimes.com

Mr Deepak has rightly replied the hindrances in purchasing the property in joint names. However regarding your other query I would differ and inform that the Bank consider the income of primary applicant and not  that of the co-applicants.

Dear Deepak...Thanks for your sound reply.
My sister does not have any other liability in terms of any other loans and my mother is a housewife.
I spoke to a representative from HDFC and he did not sound positive on the sanctioning of the home loan.
Also, do I need to have my name as the primary owner in the agreement...since I would be taking the home loan?
Thanks.