9 Replies to “the property is in mother in-laws name, and i want to construct first floor, Can i get home loan?”

  1. M-I-L owns the property, so M-I-L has to get the permits, financing, etc.

    What do you mean you want to “construct a house on the first floor”? Do you mean you want to convert the house into apartments or flats? Then first see if zoning allows multi-family. If not, first M-I-L has to get zoning variance, and that can take years, plus lots of money. No home improvement loan if zoning will not allow the “improvements.”

    Sounds like you are opening a real can of worms here. Not knowing what you’re doing is going to create a very costly mess.

  2. what do you mean construct a house on the first floor? isn’t there already a house there with a first floor? and no, since you don;t own the property, you can;t get a loan against the property

  3. there is only one option that if she is ready to give you authority or power of attorney of her property then only you will be eligible to take home loan.

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  5. you cannot get home loan directly for construction on her property.

    the option is as follows:

    if your mother-in-law is willing to settle first floor construction rights to your wife (her Daughter), by registering a settlement deed, then your wife becomes ownership right holder for first floor.

    now you can avail home loan for construction of first floor on your wife’s property by becoming co-applicant of loan to your wife.

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