CHEQUE BOOK

HT Estates - - HTESTATES - Harsh Roongta

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

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