• House loan

We have house at grampanchyat area. own by my mother.
we are decided to start new construction removing old & start new construction.but my mother is housewife.she dont have any income.and i am working in mnc from last 3 yrs.
so pls suggest me how can i apply for home loan?
Asked 2 years ago in Family Law from SAKRI, Maharashtra
Religion: Hindu
Hi, better both of you make an application to the bank as you being the applicant and your mother  being co-applicant and probably private bank will advance the loan.
Pradeep Bharathipura
Advocate, Bangalore
4105 Answers
133 Consultations
4.3 on 5.0
1) since your mother is housewife and not filing any income tax returns  she wont get any housing loan . 

2) your mother can execute gift deed making you 50%owner of said house 

3) you can apply for bank loan with your mother as co applicant
Ajay Sethi
Advocate, Mumbai
23264 Answers
1219 Consultations
5.0 on 5.0
1) to be eligible for housing loan you must file income tax returns . 

2) bank will insist on production of your income tax returns to determine your eligibility for loan . 

3) contact a local tax consultant and file your income tax returns for last 3 years if your income is above taxable limit
Ajay Sethi
Advocate, Mumbai
23264 Answers
1219 Consultations
5.0 on 5.0
Hello,
1) It is possible for you to file ITR  for 3 years together. Seek assistance from a CA.
2) THIS will make you eligible to apply for a home loan.
3) You can also approach the bank for a home improvement loan if you are rebuilding the existing house.
4) Your mother can make a gift deed in your favour and you both can apply together. However the cost of registration of the gift deed will be 4% of the market value of the house.
S J Mathew
Advocate, Mumbai
1950 Answers
65 Consultations
5.0 on 5.0
1. Bank does not give loan to a person who does not file IT returns. So your mother wont get it. 

2. If the house is owned entirely by your mother then your mother may execute a gift deed in your favour, whereupon you and your mother may together apply for loan.
Ashish Davessar
Advocate, Jaipur
18151 Answers
448 Consultations
5.0 on 5.0
1. Since you have not filed IT return for the past 3 years you must file the same now to be eligible to get the housing loan.

2. Contact a CA and file your previous three years' IT returns. You will be able to file the same after paying some penalty.
Ashish Davessar
Advocate, Jaipur
18151 Answers
448 Consultations
5.0 on 5.0
1. the land belongs to your mother & she does not have any fund to construct a new house there upon,

2. So, she can execute and register a gift deed conveying 50% of the land to you so that you can take loan and construct a new hose thereupon.
Krishna Kishore Ganguly
Advocate, Kolkata
12113 Answers
231 Consultations
5.0 on 5.0
Dear Querist
First of all try to contact bank and asked about the mandatory requirements for loan and after that contact a CA for income tax return and after completing the requirement of bank apply the loan.
Nadeem Qureshi
Advocate, New Delhi
3534 Answers
130 Consultations
4.9 on 5.0
You make an application to the bank as you being the applicant and your mother being a guarantor to the loan, the bank will advance the loan.
Ajay N S
Advocate, Ernakulam
1916 Answers
19 Consultations
5.0 on 5.0
Hi,
 if your land and the existing house comes under gram panchayat , you can approach any of the co-operative or gamin bank there.
1. Since your mother has the land in her name she can raise a loan as the land as a security without any income tax returns and you can be a co-applicant.
2. Writing a gift deed is not a feasible idea as it involves 4%(stamp duty+reg.charges) f the market value.
3. You only have to get your salary slip to show that you are earning and your IT returns for 3 years can be done with paying a small penalty .
4. There are many sanctions available to your mother under different schemes for village of certain income level, and the amount of interest also will be different.
5. Your mother has biggest advantage as she has land in her name so easily she can raise a housing loan
Thresiamma G. Mathew
Advocate, Mumbai
1316 Answers
85 Consultations
5.0 on 5.0

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