Can i purchase property from my Dad, and can get home loan from Bank?

Asked by: Jarom Wilson

Yes, you will. The fact that he is your father, doesn’t take away either his rights to sell or your rights to buy. The transaction is perfectly legal and banks should not have any problem in lending you, based on your credentials.

Can I take home loan on my father property in India?

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 son purchase property from father in India?

It is perfectly legal for son to purchase a property from his father. No judgment/law is required.

Can I take home loan if property is in my father name?

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 I take home loan if land is on my mother’s name?

The answer of this question is very easy. You can get the housing loan from the bank by your mother’s name because the land is registered by your mother’s name to construct a house on your land but for it you will have to apply in the bank by your mother’s name.

Can a son purchase property from parents?

Yes, son can purchase the property from his mother . There is no bar for such kind of transaction. Son has to take care that will should be registered or there is no objection from other legal heirs.

Can a father gift a property to his son?

In case of Father’s self-acquired property

A person can make the will of his property in favor of his one son out of 2 or more. Father can gift his self acquired property to one son, if another son has given his monetary share to the property then he can claim his rights in court.

How can I transfer father property to son in India?

The transfer of immovable property from father to son can be considered a gift. As per the Transfer of Property Act, the transfer of house property as a gift needs to be effected by a registered document (gift deed) signed by the person gifting the property.

Can I get a mortgage on my parents property?

To be considered for this kind of age-related interest-only deal your parents will need a deposit of at least 25% – although it could be as much as 33% – to put towards the purchase of a property. And they would also need to show they had sufficient income to support the mortgage.

Can I build a house on my parents land in India?

Answers (1) Dear Sir/Madam, if the said site is belong to your father’s self acquired property, he can do as he wishes but your father has no right over the first floor building, should give the entire cost of the first floor building to you, you have right for the same in limited extent.

Can I take home loan for parents?

Parents and daughter: Most lenders don’t lend to a married woman who jointly applies with either parent for a home loan, irrespective of their share in the property. In this case, the legal heir of the married woman would be her husband, and her siblings would have the right to her father’s share of the property.