purchase wife's property

dhanjit (Querist) 11 October 2016 This query is : Resolved
Can I buy my wife,'s flat with the help of bank. Will bank provide me home loan. So that wife can get money.? Please suggest.

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Ms.Usha Kapoor (Expert) 11 October 2016
Yes! You are at liberty to buy your wife's flat by borrowing loan from Bank.Do you've any collateral security or guarantor o r surety to guarantee your repayment of Bank loan. If you appreciate this reply please click the thank you button on my profile.

P. Venu (Expert) 11 October 2016
Please post the complete facts as to necessity of such a transaction. The wife can as well gift the property.

Kumar Doab (Expert) 11 October 2016
Owner can sell to buyer.

Post full facts of the matter.

Rajendra K Goyal (Expert) 11 October 2016
In many states stamp duty on gift to close relatives is free, if so in your state also, you can get the property gifted to you by your wife to make the process cost effective.

You can join as guarantor / co-borrower if your wife want to take loan.

R.K Nanda (Expert) 11 October 2016
Nothing to add more.

adv.bharat @ PUNE (Expert) 11 October 2016
In maharashtra if husband made gift to wife then only 200 rs. stamp paper is required.

adv.bharat @ PUNE (Expert) 11 October 2016
In which state your property is located?

Kumar Doab (Expert) 11 October 2016
You have posted that;

"Will bank provide me home loan. So that wife can get money.? "

Bank needs to be satisfied.

Rajendra K Goyal (Expert) 11 October 2016
Full material facts need to be disclosed for further advice.

Casual query may not solve the problem, it is better, state material facts and / or discuss with some senior lawyer in the field for guidance, clarify your doubts.

Ms.Usha Kapoor (Expert) 12 October 2016
Agree with experts.

Rajendra K Goyal (Expert) 12 October 2016
Bank generally avoid to give housing loan when the property is being purchased from wife. It amounts to adjustment and in actual sense no asset is purchased from Bank loan / amounts to getting loan in fraudulent way.

You can explore the scope of loan for which the money is to be used in actual sense.