hi...i am home maker. my father is buying me a property worth 1.4 crs. but we are short of 20 lacs which my husband will provide for by taking a home loan.
my question is ...is it possible to obtain a loan in joint name of me and my husband and buying the house only in my name?
if the above is not possible do i need to take any precautions before registering the property in joint name ?
2 Answers from Attorneys
Yes it is possible. the loan can be taken in joint names of both and house can be in your name.
To facilitate the process, you should buy the house with your name first followed by your husband's name as second in all documents and records. You should inform the bank that since of late properties in joint names is discouraged and becoming extinct, and check with the bank whether they are willing to grant a housing loan to your husband, if the property remains in your sole name. You should check the housing loan process with all three banks - a nationalized bank like SBI etc., a private bank like ICICI and a co-operative bank like Shamrao Vithal Co-operative Bank.
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