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Sriman Raja K (Programmer)     09 October 2011

Apartment registration

Dear all,

I am Sriman from Chennai. I am salaried professional getting a gross pay of 30000 per month. My home loan eligibility is only 15 Lakhs. Me and my uncle combinedly decided to buy an apartment which is costing nearly 60 Lakhs. My uncle is having full eligiblity for loans. Whats our plan is - me and uncle going to share the EMI. But we are decided to get loan through my uncle's eligibility. 

At the same, me & uncle does not belong to blood relationship. He cannot add me as co-applicant for loan. We have good understanding and there is no problem on paying EMI. But registration is complex. 

Can we register the apartment on both of our names?

If we register, then how about the loan?

My uncle is not approaching home loan through nationalized bank. He is a big customer of TVS Sundaram Finance for his lorries, home and so on. He is approaching TVS home loan. 

Wll they accept, if my name is exist in registration?

I know, there is no problem if we are blood relationship. 

Experts - Please clear my doubts. Thanks in advance!

 

Have a great day!

 

Regards,

Sriman



Learning

 2 Replies

M.Sheik Mohammed Ali (advocate)     10 October 2011

best thing you do make a  mutual agreement with uncle, there after register your agreement, than after loan amount completed at the time of registration you mentioned the your name, if  they not include your name then , your uncle may separate reliquishment deed prepare and register thats enough.

SANJAY SHARMA (ADVOCATE IN CHARGE)     10 October 2011

dear

i think you must go to the registrar office and ask him about whole situation then he will provide you a right way


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