RUPESH (partner) 06 January 2012

Purchase of property by huf

I have purchased a property in the name of Huf including my self and my wife

now the bank says we can not give you loan as the property is registered in the name of HUF

some suggested to make the rectification deed / release deed by which the name of HUF should be removed

and i will get the loan as loan to individual is not an issue.

(release deed / rectification deed will cost the 3% of market value ,which is 1/2 of stamp duty which i have already paid)

now i want to know why huf can not be part of property and there is no other way for bank to give loan

considering that even HUF is generating income

i have register my self ,wife and HUF in which i am karta and my family is husband ,wife and daughter and son who are minor of the age 5.5 and 7 respectivly

Reply Follow

3 Replies

Kumar Doab (FIN) 06 January 2012

Karur Vysya Bank

It is eligible for all individuals (including NRIs) and HUF (opening through Kartas)

This loan can be taken for various purposes as shown below:

For construction of Independent Houses
For outright purchase of Independent Houses, Flats (not older than 15 years) from individuals or builders
For purchase of plots and construction on the plots purchased
For loan transfer from another Bank / HFi
For improvement of existing houses or flats
For purchase of Plots or Flats from a Statutory Authority
For Repairs, renovation or additional construction

https://www.kvb.co.in/personal/happy_home_loan.html

Kindly check with them.