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Purchase of property in partnership

Last updated: November 15 2012
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  • Purchase of property in partnership

    Hi,

    My friend and me want to purchase a row house in partneship at Nasik,Maharashtra.
    Does an act of purchase of house property allow two person to puchase a property if those persos dont have a blood relation?
    Also advise can bank approve housing loan to both the person?

    Kindly reply.

    Thanks
    Dattatray Shinde.
  • #2

    #2

    Re : Purchase of property in partnership

    You can Buy the property............

    Sorry,
    Mr. Shinde in the first case you can buy a property with your friend in partnership because company have no problem in that.......
    But for the loan you must have to have blood relation in between so, in the next case bank will not support you.

    But, there is one more option buy which you can invest into the property with your friend by forming up a small partnership firm with your friend and make it registered in Companies Act. By this you can purchase that property and more property in future in the name of partnership firm and bank will also support you.

    Any more queries.........

    Comment

    • #3

      #3

      Re : Purchase of property in partnership

      Originally posted by Abacus View Post
      Sorry,
      Mr. Shinde in the first case you can buy a property with your friend in partnership because company have no problem in that.......
      But for the loan you must have to have blood relation in between so, in the next case bank will not support you.

      But, there is one more option buy which you can invest into the property with your friend by forming up a small partnership firm with your friend and make it registered in Companies Act. By this you can purchase that property and more property in future in the name of partnership firm and bank will also support you.

      Any more queries.........
      Hi,

      Thanks for the reply.
      As you advised that we can buy house in partnership but cannot avail loan as we dont have blood relation,but just want to confirm can bank grant loan to any one person out of two owner of the house?

      Thanks
      Dattatray Shinde.

      Comment

      • #4

        #4

        Re : Purchase of property in partnership

        Originally posted by Abacus View Post
        Sorry,
        Mr. Shinde in the first case you can buy a property with your friend in partnership because company have no problem in that.......
        But for the loan you must have to have blood relation in between so, in the next case bank will not support you.

        But, there is one more option buy which you can invest into the property with your friend by forming up a small partnership firm with your friend and make it registered in Companies Act. By this you can purchase that property and more property in future in the name of partnership firm and bank will also support you.

        Any more queries.........
        Hi,

        Thanks for the reply.
        As you advised that we can buy house in partnership but cannot avail loan as we dont have blood relation,but just want to confirm can bank grant loan to any one person out of two owner of the house?

        Thanks
        Dattatray Shinde.

        Comment

        • #5

          #5

          Re : Purchase of property in partnership

          Hey all

          Howdy i am a newbie here. Hopefully i will be able to contribute to this board.thx.

          Comment

          • #6

            #6

            Re : Purchase of property in partnership

            hello everyone i want to directly buy property from my current account.I am in partnership with my sister.Is there a way by which later on i can transfer the flat only in my name

            Comment

            • #7

              #7

              Re : Purchase of property in partnership

              Originally posted by DShinde View Post
              Hi,

              Thanks for the reply.
              As you advised that we can buy house in partnership but cannot avail loan as we dont have blood relation,but just want to confirm can bank grant loan to any one person out of two owner of the house?

              Thanks
              Dattatray Shinde.
              You may buy the property and avail loan in partnership. For loan your individual capability and share in property will play role. Usually in partnership all the owners have equal right and in your case it will be 50%. Bank shall give loan to you only for 50% property value depending on your income.

              Comment

              • #8

                #8

                Re : Purchase of property in partnership

                Originally posted by sandeep4567 View Post
                hello everyone i want to directly buy property from my current account.I am in partnership with my sister.Is there a way by which later on i can transfer the flat only in my name
                This completely depends if the flat is owned by a partnership company or you and your sister are joint holder.
                In case you and your sister are joint holder, you would need NOC/agreement from her.
                In case there is a company which owns the flat, company would need to give NOC/agreement in your name signed by all the partners with a copy of resolution.

                Comment

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