Srabani 23 July 2018
I and my husband are planning to take joint home loan on a property as both of us are working.Thus the property will be in our name.But my father in law wants his name to be added in the property if he gives some money after some period of time.Is that feasible?
Raghav Arora 24 July 2018
Hi! Thanks for the question!
Yes, taking a joint loan with your spouse and parent as a co-applicant is feasible and is allowed by the banks as it increases your repayment eligibility.
However, if the parent that you are co-applying with, has a bad credit score, it may hamper the process and may also result in the bank taking decision to increase the interest for you. Also, when you jointly take a loan, each applicant is responsible for the same. In case your father in law is not able to the amount he promises to pay, you will have the burden of it.
So, you can go for it, but it involves risk of burden and benefit of bigger amount, and you will have to weigh the advantages and dis advantages and other possibilities before takinga decision.
Good Luck!
G.L.N. Prasad (Retired employee.) 24 July 2018
Never, never let others join you in property matters as co-sharer. Adjust in what you can get or go for alternate. If your father in law wants to contribute some amount, give him a parri pasu charge on property as security.
raju metuku 24 July 2018
G.L.N. Prasad (Retired employee.) 24 July 2018
What was the date of gift ?
How your mother and brother are concerned with this, and in what form they have agreed ?
What was the exact rectification now required by the Advocate of the Bank ?
What were the present constraints to you in getting the rectification deed in the form requested by Advocate ?
Have you consulted your mother, brother and local advocate and discussed with them, what are their objections ?
If every one is agreeing that you have got the property as gift deed long back, what is your present constraints ?
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