Reg. loan and ownership of property.

ad (Querist) 04 March 2014 This query is : Resolved
Sir,
I want to purchase a house from taking loan on my name, as i m in service. I will pay down payment of loan. But i want to registered this property in the name of my parents. my parents are not working and totally dependent on me. Pl. advise how can it be possible, or any other method to do this, so my parents would also joint owner of this property. My whole moto is I want to purchase a house with home loan on my name but property on the names of my parents. Kindly advise. and also suggest which banks/institutions will allow this.

Regards.

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Guest (Expert) 04 March 2014
The Institution which is going to Finance should be convinced regarding this.Better Talk to them

Rajendra K Goyal (Expert) 04 March 2014
There can be following conditions:
a) Property is purchased in the name of you and your parents -- In such case Bank may give loan in the joint names of all the three. Bank may agree to give loan in your name only but your parents would be guarantors and would have to submit certificate that they would be having no claim in property or dispose it off, mortgage , assign in any manner till full loan is repaid.

b) Property is purchased in the name of parents: Bank may agree to give loan in joint names of all the three. In this case you would not be able to get Income tax benefit on the loan and interest paid.

Y V Vishweshwar Rao (Expert) 04 March 2014
1-The Banks will advance House loans to wife & Husband in Joint names and the Property may be purchased in the name of any one /or/ jointly. The Income & Repayment capacity of any one to be satisfactory to the Bank

2- Herein your case you want to purchase the property in the name of your parents. The Bank will consider all aspects of income & other factors - in this regard - Consult any Bank Manager in Your Work Place /Your Salary Payment Bank Branch.

Y V Vishweshwar Rao (Expert) 09 March 2014
You may contact any IOB Branch and enquire with Branch Manager whether there is any House loan Scheme - title/Scheme -House loan to Group of Persons

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