Can I get mortgage loan on father property?

Yes you can. But your father, as the owner of the land, will have to be a co-borrower for the loan. Also, you will be able to avail of the tax deduction on the loan repayments only if you (and your brother) are owners or co-owner of the house property.

Can father pay Sons property?

A father cannot freely give the ancestral property to one son. In Hindu law, the ancestral property can be gifted only under certain situations like distress or for pious reasons. Otherwise, the ancestral property cannot be given away to one child to the exclusion of all others.

What are the documents required for property loan?

Loan against Property: Documents required

• Salaried individuals.
• Latest Salary Slips.
• Bank account statements of the previous 3 months.
• PAN card/Aadhaar card.
• Address proof.
• Copy of the documents of the property to be mortgaged.
• IT returns.
• Self-employed individuals.

  The bank or any financial institution will not give any home loan to you as the property is in the name of your father. If you require home loan you have get the property transfer to your name from your father. You can avail only personal loan. In that case the rate of interest is bit high.

  Can you get a mortgage on your father’s property?

  I want to apply for a home loan, but the property is registered in my father’s name. Is it possible? Can anybody help clarify my understanding of home loans? If the property is registered in your dad’s name, you cannot get a home loan on your name.

  Can a mortgage in a deceased person’s name be sold?

  Some mortgage products also contain a due on death clause, which speaks for itself. Either way, the beneficiary must immediately settle the loan. An executor or beneficiary often must sell a property secured by a mortgage in a deceased person’s name. To do this, the executor files a petition to sell the property with the court.

  Can a parent take out a joint mortgage?

  A Yes it is possible for you and your father to take out a joint mortgage, even though he won’t be living in the property (assuming that is the case). What happens is that you and your father would be named on the mortgage deed and the lender would base the amount you could borrow on your combined income.

  Can a bank take possession of my father’s property?

  Look at it from a lender’s point of view, you take the loan and vanish, they cannot take possession of the property as it’s not on your name. Legally your dad is not party to a transaction between you and Bank.