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Home loan to purchase family property
October 23 2012 , 04:22 PM   #1
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Home loan to purchase family property

Hi All,

My father owns 1st, 2nd+ roof rights of the property we are living in, and the ground floor is owned by my father's brother (chacha). Its very clearly written in the registered Partition Deed, 2003.

We have decided to purchase the ground floor from our uncle and want to avail a Home loan for the same. The sale deed for ground floor will be registered in the name of Me, mother, brother and father.

I have heard that home loan cant be given since its within the family. Since, LAP is an expensive product without Tax benefits, can I in some way go for the home loan.

Please help. Appreciate your concern.

Regards,
Rattan
October 23 2012 , 04:35 PM   #2
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There is no constraint in this case...Only your father belongs to your uncle's family. I think you should take out his name from registry.
You'll get the home loan only on the valuation amount of this property. Does your uncle has registry to this property? In case he does not, then getting the loan would be difficult.
October 23 2012 , 11:07 PM   #3
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Hi, I've tried doing that. Have spoken to multiple banks including public and private. They say the same thing. That ultimately it will be in the family as in the chain of documents.
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