How can I opt for a home loan in the following case?

My father has decided to transfer our house in my name. I have an elder brother and I am supposed to pay him half of the property price after this transfer. Please let me know whether I can opt for a home loan for the payment to my brother?

How can I opt for a home loan in the following case?
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3 Replies to “How can I opt for a home loan in the following case?”

  1. yes, you can offer him the half of the home price buy making the mortgaged loan.If you father will give your brother any other asset the you can mutually solve this issue.

  2. You can decide to do that by going to your bank and ask how much they can lend you depending on your capacity to pay. If you don’t earn so much money, then they can only lend you so much to you can pay the amortization. It is not good paying a lot of interest because over the years you would have paid double to what you are now giving your brother.
    Maybe you could advice him to rent the house and split income in 2 and also maintenance and expenses pertaining to the house will be shared equally. In the end both of you can profit as the property value and such time you might like to sell and divide with proceeds.
    It depends too how big is the house as you might not be able to afford taking on a big loan through it. There are so many options . Hope you choose the best.
    You can also barrow from the bank to pay your brother and then rent it out so you can pay the mortgage of the amount you have loaned..

  3. Only mortgage loan is possible. Home loans are not granted for deals within the family as the money circulates within family.

    Opt for mortgage loan which is slightly higher in interest rate and will not qualify for IT benefits.

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