Jenil 30 December 2015

House property transfer

Hi All,

I have a query with respect to a house property.

We stay in a flat in Mumbai which is registered in the name of my grandmother.

We have a redevelopment proposed in the near future. The area of the flat is 500 sq feet and we will be getting 40% extra on redevelopment. Which comes to 700 sq feet.

Now I wish to have the 2 X 1BHK flats assuming the total area will be 1000 Sq Feet. Hence I will have to pay for additional 300 sq feet. Which will come to approx 60 lacs

Now, I will have to look for a loan for the said amount. The house is in the name of my Grandmother, how can I get a loan for additional amount if it is not in my name.

please suggest possible solutions

Thanks

Reply Follow

2 Replies

Jatin Mittal (Corporate Lawyer) 03 January 2016

Hi Jenil

You have to get the property registered in your name or that portion of the property which ought to come to you. Also, aif your grandmother is willing to give this house as guarantee against the loan on your behalf, then you can avail this option also. But in the latter option, bank will assess your share in the total property and provide you the loan on that basis. For any clarification, feel free to write to me at mittaljets@gmail.com. No charges for consultation.

james mathews 10 January 2016

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