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House loan for fathers property

(Querist) 12 June 2008 This query is : Resolved 
My father owns a flat in Mumbai in a residential Co-operative Housing Society . We've been approached by a builder to redevelop the building . We've an option to go for extra area & we've to pay the builder as per the extra area we want to buy . I want to know -

1)Although the property is in my fathers name , can I avail of a home loan for the extra area we want to buy .
2)If No , can I become a joint owner & then avail of loan . How do I go about becoming a joint owner .
3)I've just been deputed to USA . Can I become a joint owner by registering the property in my fathers name & myself . I can issue a Power of Attorney to my father to sign on my behalf .
R.S.Rajesh (Expert) 12 June 2008
Generally ,for the purpose of Housing LOan , the house property should be in the name of the borrower/joint borrowers. If the property stands / purchased in the name of your father, you cannot avail the housing loan for the area / property to be purchased in the name of your father.

2. You can become the joint owner ,in which event , you and your father can become joint borrowers for the purpose of HL.
3. The instrument of sale deed/ or other document should be in the joint names. It depends upon by what document the extra area will be acquired on ownership basis.
The Registartion should be in the names of your father and yourself.
4. You can execute the Power of Attorney duly notarised to aquire the property on your bahlf and execute the necessery documents to avail the Housing Loan from the Financial Institution/s, Banks etc. on your behalf.
You can contact the Bank/s or Financial Institutions from where you intend to avail the HL for further guidance and in turn they would refer the issue to their lawyers in the panel for the purpose of getting the legal opinion and the documents to be executed.
arunprakaash.m. (Expert) 13 June 2008
yes you can become joint owener and also eigigile for housing loan and you can approach concerned bank for your housing loan. For giving power of attorney you have to approach vice-counsel of india in usa. or a notary public a magistrate for authonticationg your power of attorney.

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