vivekm

Hey,

Is it possible that two individuals, unrelated, buy a flat in gurgaon and apply for home loan as well on same property? Will banks approve the loan on such property?

Thanks

atulay.nehra

Yes , subject to below

1. You hold a joint account in the bank
2. You have individual savings accounts with the bank from where loan is to be availed and you have to individually give guarantors (there might be some different doc. requirement, vary from bank to bank)
3. You have the loan re paying capability
4. You need pre fix who's who as in primary / secondary applicant
5. you need to decide among your self EXIT strategy from this investment
for eg

a. If you are two male friends, is this investment and will you move out of the investment in some years. How ?
b. If you are opposite friends, then too how do you plan to move out of the investment .

AS there might be a disagreement at the time of selling the property

For more information please write to

Atulay Nehra
BA, MA, MBA, LLB
Head Operations - Planman Realty India
mail at planman.realty at planmanrealty.com

vivekm

Hey,

Thanks for the detailed reply. I went to HDFC and LIC, they both refused home loans on such venture (i.e. jointly owned by two unrelated individuals)

Thanks

gharondabhai

Technically, YES, you supposed to get loan.

Practically, it is very tough, even for two brothers/sisters to buy a joint property on bank loan. Banks are concerned about fall-out between the brothers/sisters.

AbhimanyuVS

very interesting... thanks to the questioner as well as the answerers!