CAN HOME LOAN BE TAKEN IN THE NAME OF MY BROTHER BUT AT THE SAME TIME CAN THE PROPERTY BE IN MY MOTHER"S NAME?
nisha keswani (accountant) 10 October 2010
CAN HOME LOAN BE TAKEN IN THE NAME OF MY BROTHER BUT AT THE SAME TIME CAN THE PROPERTY BE IN MY MOTHER"S NAME?
Nu.Delhi.Law.Fora. (Advocate-on-Record Supreme Court of India) 10 October 2010
Dear Querist,
Please be advised that as per practice of most the bank, your brother can be allowed for Home Loan provided he remain to be first allottee/first beneficiary in the allotment letter / sale deed as the case may be and your mother may be co-owner in the property by inserting her name as well provided she also should be signatory to the loan application. Otherwise, the bank would not allow, in oridinary circumstances, any other owner (here in your mother) other than your brother.
Trust this would suffice.
Rabin Majumder
Advocate & Attorney
New Delhi.
J. P. Shah (RTI & CONSUMER ACTIVIST) 10 October 2010
Mother can be joint borrower and owner.
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