Can I purchase my Parent’s property?

My Dad and my elder brother are the co-owners of the property, can I purchase that flat. I want a home loan to but that property from them. Does any back gives loan like that in Bangalore India?

Can I purchase my Parent’s property?
Rate these answers

4 Replies to “Can I purchase my Parent’s property?”

  1. You can purchase the property. The property should not be from ancestors. The property should be in the name of your Father. If it is in joint-ownership, both of them should give consent and sign.
    Go to any Nationalised Banks and speak to Managers.
    They will let you know the proocedure.
    You have to produce all the documents in original. You have to take both of them to Bank. You can take legal advise from any of the Lawyers and go ahead.

  2. you can purchase. law is not prohibiting you.

    the question is that you cannot avail home loan.

    home loan is given at a lower interest to benefit the public.

    if you purchase from your father it amounts to fund flow within the family. hence it is prohibited.

    if you want to get funds only and you are not bothered about availing Income Tax benefit then there is a way. you can ask your brother to settle his interest over the property in favour of your father. then your father become absolute owner.

    subsequently you can ask your father to settle the property in your name.

    then you become absolute owner. now you can avail mortgage loan. the rate of interest is 1.5% more than home loan.

    this mortgage loan is not qualified to I T benefit.

  3. You can purchase the property from your dad and your elder brother.
    But for that you can not avail home loan. You can only avail mortgage loan after registering in your name by way of settlement deed. YOu cannot avail IT benefits for mortgage loan.

    If you are very particular in home loan, choose any other property.
    for home loan you can avail IT benefits.

Leave a Reply

Your email address will not be published. Required fields are marked *