Need advice
sandeep kelkar
(Querist) 29 November 2013
This query is : Resolved
we have a banglow plot with 4 persons involve
1) Collector as it is on lease for 99 years ( as the plot comes under the panshet flood affected area)
2) father in law
3) his elder brother
4) his sister
the plot is approx 2100 sq feet
father in law & his elder brother has construction on the ground floor (700 sq fet)
1st floor is taken by there sister (700 sq fet
now father in law wants to build the 2nd floor which is as per Muncipal limit is 500 sq feet can be built
but again tht 500 sq feet is divide in two parts one on father in law & his brother
but as he is retired and cannot take loan son in law will will pay the loan
how can a loan proposal be done for this case from bank
pls advice
ajay sethi
(Expert) 29 November 2013
bank will not sanction loan to retired person . if property is in joint names of father in law and son in law then bank will do so . father in law can execute gift deed for his share of property in favour of son in law .
sandeep kelkar
(Querist) 29 November 2013
gift deed can be on both name means daughter & son law
Rajendra K Goyal
(Expert) 29 November 2013
Bank (Say SBI) sanction housing loan to retired person provided he has repayment capacity, age below 70 Years and clear title papers of the property etc..
Any other family member/ person can join as co-borrower(may or may not having land/ property in his joint name).
Devajyoti Barman
(Expert) 29 November 2013
It depends on particular bank.
sINCE T LEAST TOW PERSON WILL HAVE SHARE IN IT CONSTRUCTIONS TO BE MADE, THEY BOTH CAN APPLY FOR LOAN AND ANY OF THEM CAN PAY EMI.
sandeep kelkar
(Querist) 03 December 2013
we both are ready to pay the emi only thing is what documents are needed for the sanction of loan legally
Rajendra K Goyal
(Expert) 03 December 2013
normal documents, contact your banker for list of documents.
