• Joint Loan with Cousin to buy land and build a home.

Hi,

Me and my cousin are from a joint family in UP. We both are currently working in Bangalore and we want to build a family house here. For this, we would like to apply for Joint loan of approximately 1 Crore. We have a down payment of 30 Lacks ready with us.

We would like to buy the land in Bangalore and build a home on it. Please advise if this kind of Joint Loan is possible or if there is any other solution to get this done.
Asked 10 months ago in Property Law from Bangalore, Karnataka
Religion: Hindu
1) you can apply for loan in joint names to purchase land in bangalore 

2)better get title of land vetted by local lawyer before you purchase the land 
Ajay Sethi
Advocate, Mumbai
27368 Answers
1487 Consultations
5.0 on 5.0
There can be 2 applicants for loan and if the property is purchased in joint names then your brother would be co owner of property. A borrower has the option of having a co-applicant to a loan along with himself. All co-applicants are not co-owners but all co-owners have to necessarily be co-applicants.
Ashish Davessar
Advocate, Jaipur
19611 Answers
507 Consultations
5.0 on 5.0
If you intend to construct a house in joint names by raising a joint housing loan, then you must buy the property in joint names and both of you must be eligible for raising a housing loan (eligibility very important). Apart from this your capacity to repay the raised loan must also be established, only then banks will consider giving a loan.
Also it is important here in Bangalore that the site where you propose to construct the house must be within corporation limits and the site should be in an approved layout (B.D.A or some housing society) revenue sites or non-converted sites most banks do not fund loans for construction.
consult an advocate after finalizing on the location to get some guidance in this regard.
Kiran N. Murthy
Advocate, Bangalore
823 Answers
58 Consultations
5.0 on 5.0
Dear Sir/Madam, its all depend upon the strategies of the concerned Bank on the documents as well as  repayment of loan of your capacity, you have to buy the property with compliance of the concerned authorities rules and regulations. Yes, you have to get loan jointly. 
C. V. Jadhav
Advocate, Bangalore
267 Answers
4 Consultations
3.8 on 5.0
We would like to buy the land in Bangalore and build a home on it. Please advise if this kind of Joint Loan is possible or if there is any other solution to get this done.

Yes joint loan is possible. 
If both are able to furnish security and are ready to comply with other necessary formalities in this regard, a joint loan is always possible.  
You may approach a PSU bank or any home finance institution for this purpose. 
T Kalaiselvan
Advocate, Vellore
17495 Answers
165 Consultations
5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Property Lawyers

Ajay Sethi
Advocate, Mumbai
27368 Answers
1487 Consultations
5.0 on 5.0
T Kalaiselvan
Advocate, Vellore
17495 Answers
165 Consultations
5.0 on 5.0
Krishna Kishore Ganguly
Advocate, Kolkata
13595 Answers
292 Consultations
5.0 on 5.0
Ashish Davessar
Advocate, Jaipur
19611 Answers
507 Consultations
5.0 on 5.0
Devajyoti Barman
Advocate, Kolkata
6913 Answers
78 Consultations
4.9 on 5.0
Shivendra Pratap Singh
Advocate, Lucknow
3149 Answers
47 Consultations
4.9 on 5.0
Rajgopalan Sripathi
Advocate, Hyderabad
974 Answers
69 Consultations
5.0 on 5.0
Ajay N S
Advocate, Ernakulam
2032 Answers
24 Consultations
5.0 on 5.0
Shashidhar S. Sastry
Advocate, Bangalore
1305 Answers
71 Consultations
5.0 on 5.0
Kiran N. Murthy
Advocate, Bangalore
823 Answers
58 Consultations
5.0 on 5.0