Add new members to the existing property ownership


Dear Sir / Madam,

I took a composite loan for residential Plot and contruction from one of the leading bank last year. Now contruction is almost completed and we are moving to new house in few weeks.

During plot registration I included my wife has a second party

My questions

1) Can i include my father and mother in a property ownship. Since they are also contibuted for house construction and i want to make them secure and confortable

2 ) Is there any objection from Bank for adding my parents in the property ownership which is already under loan? if not, is there any other possible way to make them secure for their investment which has no proof of contibution

Awaiting for your response

Thank you,

Jagadish H R

 
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+ 91 9225510883

After getting the completion certificate of the construction from municipal authorities and while registering your property with the revenue records you can give such application to the bank.. but the bank might object as your parents are not a party to the loan.

Adv. Yogen Kakade

Jurycon Incorporation

Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in  

 
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Retd Sr Director Govt of India/ Advocate

1. You alongwith your wife being joint owners shall add your father and mother as 3rd and 4th owners at the time of registration as suggested.

2.  The bank will certainly insist to add 3rd and 4th owners as co-borrowers or co-obligants/ guarantors to the loan.  As it alters the terms and conditions of sanction, if the total disbursement is complete, the bank may make revised sanction and transfer the entire debit balance to the new loan account of course with fresh set of documents.

 
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FIN

The lender may agree.Try with bank.
 
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Thank you All, Let me check with bank and proceed as suggested

 
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