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PRASADH   17 December 2015

Property in father name and sons planning construction

My Father is the Sole owner of a Plot in which my Family is staying. Following are the members.
Father, Mother, Elder Brother with Wife 1 daughter and 1 Son , Myself with Wife and one daughter.(Joint Family)
We are planning to demolish the existing house and plan to construct again. We dont want to split the land. We are going to stay joint family again.
Both brothers need to have home loan eligibility. My Father is retired. Is there a way to achieve this? Kindly advice.

Regards
SP



Learning

 3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     17 December 2015

After retirement of your father, the only source of income, in many cases, could be the meagre pension. And, the pension amount has to suffice many needs – maintaining a standard of living, medical requirements, and others.

“But, if you have enough savings or investments which you can give as a guarantee, like fixed deposits or shares, that can increase the home loan eligibility and serve as a collateral,” 

PRASADH   17 December 2015

Thanks for the response. I would like to get more details on this front.
We are two sons . Can the land be in Father's name itself and can I and my brother both can claim home loan against the construction in the same land. In case of yes how should I proceed registring the land.

SRIBHASKAR (LIFE & HEALTH INSURANCE ADVISOR)     22 December 2015

Loan can be obtained as per the bank rules and procedures only me and my wife income only got homeloan from LICHFL property also on our both names registered please check with the banker

 


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