Can my husband avail home loan when i own the land?



Hi,

I am married and own a piece of land in my name. We wish to build our own house but only when we avail a bank loan. I am employed in a small private concern which does not have a strong background But my husband works for an MNC and eligible for getting loan. Will we be able to avail loan or should i change the property to the name of my husband to get the home loan? Need help.

Can my husband avail home loan when i own the land?
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8 Replies to “Can my husband avail home loan when i own the land?”

  1. Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you believe it to be, a bad credit home loan can still work to your advantage.Your best bet in assuming a bad credit home loan is to pay as much cash up front as possible, and see if by doing so you can negotiate a lower interest rate.

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    You’ll save enough money over the term of the loan to compensate for the sacrifices you had to make in handing over the down payment.
    The bad credit home loan can be a win-win proposition for both lenders and borrowers; the lenders, thanks to the higher interest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!


  2. To get a bank loan for building a house, the piece of land should be on the borrower’s name or atleast it should be co-owned by the borrower. Otherwise, they won’t give loan.


  3. Absolutely your husband can avail loan making you as joint owner. IT benefits also can be availed by both depending up on your salaries and IT payabale.


  4. Your husband can avail the loan and you have to be a co applicant or co borrower. There is no need to transfer the property in his name.



  5. yes certainly your husband can avail housing loan for construction on the piece of land owned by you.

    no need to transfer it to your husband name. you will be co-applicant for the housing loan.

    i have come acroos several such cases in the past twenty years.

    all banks and HFCs are giving. don’t worry. Good luck!


  6. Hi,

    Of course your husband can avail a home loan without transferring the property in his name. For the sake of loan, do not even think of property transfer as it involves stamp duty and registration costs.

    You need to understand two terms, co-applicant & co-owner.

    In your case, your husband can be an applicant without being a co-owner and you will have to join him as co-applicant.

    Know more about joint home loans at http://www.paisamatters.com/paisamatters/joint_home_loan






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