Ashish Kumar Mahanta (Software Engineer) 12 June 2013
Dear All,
My father is having land on his name and is retired person, no income now a days.Now, i want to construct home on it. Can i able to get home loan based on my father's land? Or father can only be the person who can have loan on it?
Regards,
Ashish
Hemang (Advocate) 12 June 2013
Apply for loan. Let your father be the second borrower.
Adv k . mahesh (advocate) 12 June 2013
make your father as a joint party in the loan account and you have submit the original deed papers
Selva....... (Advocate) 12 June 2013
If you are going for a loan from an financial institution, you have to include your name and your father name as joint borrower or you can get the land transfered in your name and apply for the loan against only your name.
Generally Loan can be availed by a borrower if the collateral given by him should be in his name only. in other way, the title of collateral has to only be in the name of borrower.
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