Can i avail a home loan to purchase property from my parent?

POSTED BY Vikram ON July 7, 2014 7:10 pm ONE COMMENT

Hi Team,

I was wondering if i can avail a home loan to purchase the property from my mother? I would also like her to be the co-owner in the process.

12 years ago, because of hardship my dad sold the house to a close relative(Aunt) but the house has remained on my mother’s name.  Technically this house still belongs to my mother since the ownership was not transferred as a goodwill gesture by my Aunt. Now, I want to purchase the house back for my mother from my Aunt(She is OK with it) .

Is is feasible to get a loan to buy this house from my Aunt (although technically from my mother)?

Is there a way my mother can still remain a co-owner of this property.

P.S: This house is debt free.

Regards,

Vikram

One reply on this article “Can i avail a home loan to purchase property from my parent?”

  1. Credexpert says:

    Dear Vikram,

    This is a little complicated scenario.

    Yes, you can avail a home loan but a lot depends on the lender and its policies if they will approve this loan application to buy a house from your mother, who is acting as a co-applicant(buyer) as well as a seller too.

    One way you can go about is to buy the house from your mother with complete ownership on your name and then repay the loan amount to Aunt, with applicable taxes,( if any) in the hands of your Aunt.

    Regards,
    Credexpert
    http://www.credexpert.in

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