CHEQUE BOOK

HT Estates - - HTESTATES - Harsh Roongta

I plan to con­struct a house on an an­ces­tral plot. The own­er­ship is in the name of my father. I in­tend to pay monthly EMIs. I have a brother and a sis­ter. Will the bank ask for any doc­u­ments or sig­na­tures from my brother or sis­ter?

– Ra­jiv Saxena Since you in­tend to take the loan and the prop­erty be­longs to your father, he will have to be the ap­pli­cant for the loan with you as the co-ap­pli­cant. If you are not the co-owner of the said prop­erty, you will not be able to claim any tax ben­e­fits on the loan taken for this pur­pose. The bank may ask for a dec­la­ra­tion from your brother and sis­ter stat­ing they have no in­ter­est in the prop­erty if, as per the in­her­i­tance laws, they are en­ti­tled to a share in the prop­erty af­ter the death of your father. The own­er­ship in­ter­est of I have pur­chased a flat as an in­vest­ment and ac­quired a loan. I’ve been pay­ing EMIs reg­u­larly. Can I sell the flat while the loan re­pay­ment process is still on?

– Aayush Tri­pathi You can­not sell the flat un­less you re­pay the ex­ist­ing loan. How­ever, the bank may grant you some time to pay the amount. In such a case, the bank will pro­vide you with a let­ter men­tion­ing the amount on pay­ment of which you will be given doc­u­ments of your prop­erty. This amount stated will be as of a fu­ture date which will in­clude the in­ter­est till that date. As part of your sale agree­ment with a new buyer you will be re­quired to hand over the orig­i­nal doc­u­ments of your prop­erty. How­ever, in case the buyer also wants to take a loan for pur­chase of this prop­erty, both the banks can agree on modal­i­ties to be fol­lowed to en­able the trans­ac­tion to go through smoothly.

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