I am planning to buy a house in Ghaziabad along with my brotherin-law who has a government job in Allahabad while I work in the private sector. We plan to apply for home loan separately from different banks for the same property and become co-owners of the property. Is this possible? Which bank should we apply to?
— Bhushan Kumar Normally, lenders allow only immediate kin like spouse, parents or son as co-borrowers for the loan. A few lenders allow brothers as well. It is very unlikely that the lender will allow your brother-in-law to join you as co-owner to the property. Secondly, it is not possible to get two separate home loans by pledging the same property as security. I have a plot in Kanpur in the name of my wife, who is a homemaker. I want to take a loan against the plot because I want to construct a house on it. Is it possible to take the home loan in my name? If not, then what is the procedure to get the plot in my name and then apply for a home loan. The plot is allotted by Kanpur Development Authority and not yet registered.
— Saket Mishra You can construct a house on the plot owned by your wife. However, as your wife is the owner of the plot, she will have to join you as borrower for the loan and you can be a co-borrower of the loan. The loan amount eligibility will be calculated on the basis of your income as she is a homemaker.
You can avail of a construction loan for building a dwelling unit on the piece of land already owned by your wife. For this, you need