Legal Question in Real Estate Law in India

Complication in bank loaning
I have purchased a property, and have applied for the loan from a nationalised bank. The loan is issued on my name with my income papers, but the flat has been registered with mine as well as my wife's name. What are the complications that can happen, can the bank refuse loan as the property is the joint property.

Asked on 4/28/08, 2:48 pm

Sachin Sangare Private Practise

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Re: Complication in bank loaning

If you are the first holder of the porperty, banks normally do not refuse loans.

Complications can only happen if you and your wife part ways for divorce.

Be sure to take an insurance in case of death so that the insurance company pays the balance EMI's.

Answered on 4/28/08, 11:52 pm

Shrichand Nahar S.V.Nahar, Advocate

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Re: Complication in bank loaning

Banks have their own norms.

However, most probably, the Bank would ask you to join your wife as co-borrower and proceed with disbursement of loan.

Answered on 4/29/08, 3:04 am

Homi Maratha N.N. Maratha & Co.-Advocates

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Re: Complication in bank loaning

Every Bank has got their own rules and regulations.

In your case the Bank wont refuse you to avail loan.

Answered on 4/29/08, 6:40 am

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