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!