Legal Question in Banking Law in India

Normally, the father would be Karta and Head of HUF. The initial corpus for HUF has to come from the father. The HUF may be formed by a simple declaration, opening of bank account, obtain PAN number and filing of income tax return.

The HUF is a 'legal person' like any other company etc. and may take loan like any other person.

There is no question of the son freshly forming a HUF with his father unless one exists already in the sense that there is ancestral property inherited by the father from his father or property aquired out of already ancestral property or acquired out of joint efforts. For loans on property in the names of father and son there is no need to form an HUF. one of them can take loan for which the other guarantor and both of them jointly mortgage the property.

The son can buy property in his individual capacity.

the loan can be obtained on the HUF property by the son in case he obtains a written NOC from other co parceners.