Home loan on flat purchase from parent.

Rohan Varekar (Querist) 21 February 2013 This query is : Resolved

Hi,

I am buying property ( 1 BHK Flat,Mumbai ) from my uncle's ( 3 uncle's ) . This property is Joint Family Property in which My father was also joint owner.

After my father death as per Hindu low, rights of my fathers will be give to my mother. Now this property belongs to my 3 uncle's and my mother.

As a settlement of this property I am buying this Property from my uncle and paying them the cost of property.

So while making sale deed my mother name is also mentioned as one of seller from whom I am buying the Property.

Do i face any issue while applying for home loan as my mother involves as Seller?

If yes how i can avail home loan to pay the cost to my uncle's.

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Raj Kumar Makkad (Expert) 21 February 2013
First of all, I want to make it clear that if your father had not executed any will in favour of your mother then after his demise you and your mother are equally entitled to inherit his share in the joint house. It means you have not to purchase entire share from your mother she can sell only her 1/2 share to you rather 1/2 share of your father is already duly owned by you.

You shall not face any problem to get a registered sale-deed from your mother for her share with the shares of your 3 uncles.

Rohan Varekar (Querist) 21 February 2013
Thanks fro reply. As i and my mother are equally entitled to inherit. I already made affidavit stating that i don't have any objection to my mother to hold full share of property.