you are at liberty to avail home loan and purchase land in joint names with your sister

2) carry on construction of house on said land

This is legally acceptable.

However, just keep in mind with the co-applicant in the home loan, you sister shall also be a co-owner with you.

There's no problem in following this arrangement.

You and your sister shall be the co-seller for the 3rd flat.

1) you can sell one flat to third party but would need bank consent to sell the flat as you have taken bank loan

Hi

1) You and your sister can buy the land as co-owners and also construct a 3 floor apartment by availing home loans in joint name from bank or housing finance institution.

2) Both of you can apply for permissions, construct a 3 apartment's, keep 1 for each of you(1 for you and 1 for your sister) and sell the 3rd flat to an outsider.

3) At the time of availing home loan, you should submit in writing that the bank/ financial institution should permit you to sell the 3rd apartment to an outsider for which the bank/financial institution might insist an undertaking from both of you depending on the quantum of loan amount you are planning to avail.

4) Banks/financial institution generally will issue No Objection certificate and also permit registration of 3rd apartment in the name of the outsider, provided they are made aware of the proposal right at the time of you submitting the loan application and the loan agreement is prepared accordingly (3rd party sale should be specifically mentioned in loan agreement).

Hope this information is useful. .

Yes you can do so. If you want to sell one floor of the house then you have to make an exclusive passage to  the buyer to access his portion of the flat. You are the absolute owner of the flat therefore you have right to sell it to any other person.There is no law which forbid you to sell one flat to an outsider.

1. Yes this can be done. You are free to keep 1 each and sell the third one.

2. Get a flawless agreement drafted by a lawyer.

Dear Client,

Above said settlement is legally available and no complications. but make sure this way, all three - U, sister & outsider will acquire 1/3 share in the land.

Hi, yes you can register each flat in your name and sale out the third to an outsider .

There is no legal impediment if you purchase land in joint name with your sister, you may go ahead and carry on the construction.

Regards

Thanks for the quick response, we want to buy a land, construct through bank.

Our property size is 228 Sq yars, we want to built 3 floors, each floor will be treated as 1 flat.. can we keep 1 each and sell the third flat to outsider.

If you have taken a bank loan take consent from bank before selling one of the floor. Otherwise there is no legal impediment again in the arrangement as mentioned by you.

Regards

You can apply for loan jointly along with your sister, provided you are unmarried and your sister is also employed or having any source of income or if she is the joint owner of the property.

If you arfe married then the question of not involving your wife as co applicant may raise.

we want to buy a land, construct through bank.

Our property size is 228 Sq yars, we want to built 3 floors, each floor will be treated as 1 flat.. can we keep 1 each and sell the third flat to outsider.

You can sell the proposed flat in any floor as a separate unit by keeping the common with common rights to the other owners

Yes