Legal Question in Real Estate Law in India
Dear Lawyer
My question is that if me and my husband want to purchase a property a flat by paying contributory amount from our earnings and rest of the payment to be sanctioned from bank as a loan. is that possible if my husband being in govt job get a loan on his name and property to be owned on my name?? means i want my husband to take loan payment resposibility on papers officially but property to be on my name. because i am into private sector and where nothing is called permanent. pl answer.
Thanks and Regards
4 Answers from Attorneys
Yes you can get this done and is legal too.
no, it is not possible as the loan would be sanctioned in the name of your husband and not your name. only after the entire loan is paid off, your husband can gift or sell the property to you or during the continuation of loan, add u as a co owner.
Bank may not give such type of loan. If Bank is willing, proceed further.
confirm with bank
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