Home loan on joint property of mother and daughter
Neha
(Querist) 04 October 2012
This query is : Resolved
Hi,
I need Home Loan of around 10 lacs on a joint property of my mother and me to pay the last payments to builder. I have an income of around 26,000 in hand and I am unmarried. Will I get a loan on this joint property? and how ?
ajay sethi
(Expert) 04 October 2012
visit any housing finace company or bank . furnish your 3 years income tax retruns . after going through your IT returns , bank statement bank will claculate your eligibility requirements . it takes into your account your income and exepnses .
if you want loan against property bank will grant you loan after considering valuation report of the property and your ability to repay the loan
Neha
(Querist) 04 October 2012
Issue is not my eligibility. Since my income in hand is around 26000 and it can accommodate around 12-13 lac loan where I am demanding 10 lacs. Also, the builder is 3C company, a very known builder.
Here issue is the property is in name of me and my mother and I am unmarried.
The bank officials says "it could become a disputed property further since the property could be claimed by my future husband when i will get married".
So, is there any provision (with some NOC attached) where I can get home loan?
I have tried in some renowned banks and since the last denial is because of this issue, I have came to this forum.
Also, since girls have become independent then why still girls are not treated as single entity in laws, why they are still being identified by their husband name/ father name and not by mother's name when many girls these days are not marrying and living alone.
Devajyoti Barman
(Expert) 05 October 2012
Future husband??
Marriage does not establish any right, title and interest in it.
As long as you live it would be treated as you property irrespective of your marriage.
Guest
(Expert) 05 October 2012
You have been misled by the bank official, who seems to be ignorant about the property laws and succession law. There is no scope for your husband to raise any dispute, as during your life time your husband would not have any right to claim even a bit of your own earned property.
If the bank believes so, ask the bank to give their objection in writing, or you should try applying for loan to some other bank or financial institution.
Neha
(Querist) 05 October 2012
But Bank institution simply says that this case could not be considered in their policy and they have taken processing fees as well.
Now, I just want to know that is there any option where I can apply and provide with them some kind of affidavit so that they disburse my loan.
Guest
(Expert) 05 October 2012
Better ask the bank officials to let you see their bank's loan rules and instructions issued by their headquarter, as at some times they just try to evade approval of loans just on vague grounds, as like one bank which also tried to dupe me when my son applied for educational loan. But, when Banks rules and instructions on educational loan were checked and pointed against his contention, the officer incharge of the bank could not find any excuse.
Neha
(Querist) 05 October 2012
Thank you Sir and thank you all..
I am trying to get this approved and your views have at least given me a confirmation that I am not demanding something that is not valid.
malipeddi jaggarao
(Expert) 06 October 2012
Ms.Neha - you are 100% eligible for bank loan. Your mother will be co-borrower along with you. The property will be mortgaged to the Bank. Even if your husband or for that matter any one can not claim title to the property till the mortgage is released by the Bank. The Bank might be looking into repayment aspect. Their thinking is hypothetical. If you are married and leave the job what is the source of repayment? Instead of putting this straight question, they are twisting the matters. If you can convince the bank that you will continue to be the earning member, they need not hesitate. If can represent to them in the worst case, they can fall back on the security i.e., property mortgaged.
Neha
(Querist) 06 October 2012
@malipeddi Yaah I think... because they will give loan to my brother easily since thye know he will definetely not leave job :)
But in case I stop paying premium, they have my property papers. Also, the cost of property as of now is 45 lacs on paper and in future it would definitely increase. And, I am applying for only 10 lacs from 45 lacs.
Anyways, Thanks for your guidance.
K.K.Ganguly
(Expert) 06 October 2012
Banks give loan after taking collateral security which can be provided by the borrower or anybody else as guarantor.
Here your joint property can be mortgaged with the written consent of all the co-owners.
If you stop paying EMIs, Bank will initiate SAFAESI Proceedings by issuing notices u/s13(2) & 13(4 ) of SARFAESI Act,2002 & will finally take possession of the mortgaged property & sell off the same to realise their dues & costs. The extra amount collected towards the sales proceeds, after clearing bBank's dues & costs will be paid back to you.
Guest
(Expert) 06 October 2012
Dear Neha,
Now even a banker, like Shri Jaggarao has confirmed about your eligibility for loan.
About your brother, probably you forget that your brother does not have any stake in the property, as the property is in the name of you and your mother. So, I doubt if the bank would prefer to grant loan in the name of your brother?
