Hi,
I am buying a flat and will be making all payments on my own.
If I make my father co -borrower of the property then in future can my brothers/sisters claim right on this property?
jay 01 August 2015
Hi,
I am buying a flat and will be making all payments on my own.
If I make my father co -borrower of the property then in future can my brothers/sisters claim right on this property?
jay 01 August 2015
There is typo in the question. I mean to say co-owner and not co-borrower.
saravanan s (legal advisor) 01 August 2015
yes if he is made coowner and if he dies intestate then his share in the pro[erty will devolve equally over his class 1 heirs
jay 02 August 2015
Thanks for your reply. But he is not going to make any payment in the said purchase.
All the payment will be made by me. In such case is it still possible that his class1 heirs will have right on the property?
saravanan s (legal advisor) 02 August 2015
yes just because he is a coowner of the property along with you and he has rights over his half share in the property
jay 02 August 2015
Thanks for your valuable inputs. If he is just a co-applicant for applying for home loan and not a
co-owner then is it still possible that his class1 heirs will have right on the property?
saravanan s (legal advisor) 03 August 2015
no if he is a coapplicant to the loan
T. Kalaiselvan, Advocate (Advocate) 12 August 2015
Why at all you want to complicate things which may go against you in future. Even is he made co-applicant, his legal heirs may start a litigation seeking a share in the property upon his intestate death, no doubt you may win but it may take several years even a decade to settle the issue, hence if you are financing yourself, better let the property as well as the loan account be on your name alone. Think wisely.