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Sowmya Ramesh Kumar M (House Wife)     12 November 2018

Father buying property for married daughter through loan

My father wants to buy a flat for me by taking the bank loan. Some says - first the property should be registered in my fathers name and later on, after loan is cleared, should be transfered to my name. Some says - Father can purchase property for his daughter. Property can be registered in my name irrespective of loan status. My father wants to write the property in my name and pay the loan. He have enough resources to pay the loan. What is possible as per law here?

1. First register the property in his name and later transfer the property after loan is fully paid  OR

2. Register the property in my name but my father pay the loan

Please answer my issue.



Learning

 11 Replies

G.L.N. Prasad (Retired employee.)     12 November 2018

Option No.1 is better. Option No.2 may not be agreeable to a financial institution. While exercising Option No.1 advise your father to execute a will, insure the property linked with his life. The will can be changed as Gift deed once the loan is repaid.
1 Like

R.Ramachandran (Advocate)     12 November 2018

First understand certain basics.

If anyone is giving a Loan to a person to buy a property, naturally that lender will expect the property to be in the name of the Borrower, as the borrower will keep the property as security to the lender.

Therefore, even if your father out of his love for you, wants to buy the property in your name, he can do so only if he has his own money.  If he borrows money from some one (say Bank etc.) then he has to have the property in his name and no bank will permit him to take the loan, but write the property in somebody (in his daughter in this case) name. 

 

1 Like

P. Venu (Advocate)     12 November 2018

More than the Law, it is a matter of procedure as may be prescibed the lending Bank.

1 Like

Kumar Doab (FIN)     12 November 2018

You need to check with lender(s) of your choice that if lender shall agree to points ebing contemplatwed by you!

If properety is pledged to lender due to borrowing then lender may not agree to alienation of title until debt is paid in full.

1 Like

Kumar Doab (FIN)     12 November 2018

WILL may remain the only choice.

IT is mandatory to probate the WILL in the areas of Bombay, Calcutta, and Madras.

IT is not mandatory to probate the WILL in other areas. IT is not mandatory to register the WILL.

The WILL should just be valid. Unregistered WILL can be acted upon.

The last valid WILL prevails.

1 Like

Dr J C Vashista (Lawyer)     13 November 2018

1. No dispute is involved for consideration and obligation of legal experts.

2. Before spending lakhs of rupees for purchase of property you should spend few thousands of rupees in seeking professional service of a local lawyer, in your own interest.

1 Like

Sowmya Ramesh Kumar M (House Wife)     14 November 2018

Thank you for your advice

Sowmya Ramesh Kumar M (House Wife)     14 November 2018

Thank You for your advice

Sowmya Ramesh Kumar M (House Wife)     14 November 2018

Thank You for your advice

Sowmya Ramesh Kumar M (House Wife)     14 November 2018

Thank You for your advice

Sowmya Ramesh Kumar M (House Wife)     14 November 2018

Thank You for your advice


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