Home Loan

[Tanush Prakash]

Recently i have taken a home loan with the help of others name..who is my relation?? and registered into ther name currenly due to the present home lease was been ending..? and i wasnt getting the loan eligiblity amount....? Now leaving in that house and im Paying the EMI regularly...?Now what should i do to convert to my name and register...is it worth it..??

 

[Skylar]

Take your relative to that bank, and ask the bank to transfer the loan to your name. Do it sooner before your relative clams your home as his

Some banks offer home loan balance transfer or conversion options. You can check with your lender about the feasibility of this.

 

[Tanush Prakash]

Take your relative to that bank, and ask the bank to transfer the loan to your name. Do it sooner before your relative clams your home as his

Some banks offer home loan balance transfer or conversion options. You can check with your lender about the feasibility of this.

i was not eligible so i only i took ryt...it was an emergency at that point of tym...
and my relative only ryt...not any other kind of people...! i know he does nt claim...coz he is my cousin brother...not the far relative...
we have to think positively..!

 

[Skylar]

i was not eligible so i only i took ryt...it was an emergency at that point of tym...
and my relative only ryt...not any other kind of people...! i know he does nt claim...coz he is my cousin brother...not the far relative...
we have to think positively..!

Yes, completely agree.

 

[Skylar]

is it worth it..??

Totally worth it, you should get it transferred to your name.

 

[zacobite]

Recently i have taken a home loan with the help of others name..who is my relation?? and registered into ther name currenly due to the present home lease was been ending..? and i wasnt getting the loan eligiblity amount....? Now leaving in that house and im Paying the EMI regularly...?Now what should i do to convert to my name and register...is it worth it..??

Transfer will. need proper documents and you may have to pay stamp duty and regn. + How will you pay for the loan if you are not getting any?

 

[Tanush Prakash]

Transfer will. need proper documents and you may have to pay stamp duty and regn. + How will you pay for the loan if you are not getting any?

yes have to pay stamp duty and reg...
and paying ryt now like we r 2 brothers working and will manage Monthly thats not a problem...?

 

[zacobite]

yes have to pay stamp duty and reg...
and paying ryt now like we r 2 brothers working and will manage Monthly thats not a problem...?

Loan will be on whose name and house on whose name?? They have to be same.. not sure i understand your situation.. you want house on your name and loan on someone else... doesn't happen that way...

 

[zacobite]

Recently i have taken a home loan with the help of others name..who is my relation?? and registered into ther name currenly due to the present home lease was been ending..? and i wasnt getting the loan eligiblity amount....? Now leaving in that house and im Paying the EMI regularly...?Now what should i do to convert to my name and register...is it worth it..??

what did you do finally.. this was one if the most interesting situations on this forum..

 

[Ganesh_Shinde]

I understand you took a home loan in someone else's name (let's call them Person X) to qualify for the loan amount and registered the property under their name. You're currently living there and paying the EMIs.
Here's a breakdown of your situation and what you can do, considering Indian banking regulations:
Current Situation:

• Loan in Person X's name: This can be risky. If there's a dispute in the future, you might face ownership challenges.
• Property registered under Person X: Legally, Person X owns the property.

Options to Consider:

1. Gift Deed with Possession:

• Person X can gift you the property. You'll need to pay stamp duty on the gift value.
• Consultation with a lawyer is recommended to draft a proper gift deed with possession clause mentioning your EMI payments.

1. Sale Agreement:

• Person X can sell you the property. This option might incur capital gains tax for Person X.
• You'll need to pay stamp duty on the purchase price.

1. Joint Ownership Addition:

• If eligible (depends on lender's policy), you can approach the bank to add your name as a joint owner on the loan and property title.
• This might require a fresh valuation of the property and approval from both lender and Person X.

Is it Worth Converting to Your Name?
Yes, converting the ownership to your name is generally recommended for peace of mind and future security. It provides clear ownership and avoids potential disputes.
Next Steps:

• Consult a property lawyer specializing in real estate transactions. They can advise you on the best course of action based on your specific situation and considering legalities and tax implications.
• Discuss your options with Person X and ensure they're comfortable with the chosen method.

Important Note:

• Be aware of potential tax implications for Person X depending on the chosen method (gift or sale).

By following these steps, you can work towards secure ownership of the property while safeguarding your interests.

 

[zacobite]

I understand you took a home loan in someone else's name (let's call them Person X) to qualify for the loan amount and registered the property under their name. You're currently living there and paying the EMIs.
Here's a breakdown of your situation and what you can do, considering Indian banking regulations:
Current Situation:

• Loan in Person X's name: This can be risky. If there's a dispute in the future, you might face ownership challenges.
• Property registered under Person X: Legally, Person X owns the property.

Options to Consider:

1. Gift Deed with Possession:

• Person X can gift you the property. You'll need to pay stamp duty on the gift value.
• Consultation with a lawyer is recommended to draft a proper gift deed with possession clause mentioning your EMI payments.

1. Sale Agreement:

• Person X can sell you the property. This option might incur capital gains tax for Person X.
• You'll need to pay stamp duty on the purchase price.

1. Joint Ownership Addition:

• If eligible (depends on lender's policy), you can approach the bank to add your name as a joint owner on the loan and property title.
• This might require a fresh valuation of the property and approval from both lender and Person X.

Is it Worth Converting to Your Name?
Yes, converting the ownership to your name is generally recommended for peace of mind and future security. It provides clear ownership and avoids potential disputes.
Next Steps:

• Consult a property lawyer specializing in real estate transactions. They can advise you on the best course of action based on your specific situation and considering legalities and tax implications.
• Discuss your options with Person X and ensure they're comfortable with the chosen method.

Important Note:

• Be aware of potential tax implications for Person X depending on the chosen method (gift or sale).

By following these steps, you can work towards secure ownership of the property while safeguarding your interests.

nice.. only that he says that he can't get a loan

 

[zacobite]

Recently i have taken a home loan with the help of others name..who is my relation?? and registered into ther name currenly due to the present home lease was been ending..? and i wasnt getting the loan eligiblity amount....? Now leaving in that house and im Paying the EMI regularly...?Now what should i do to convert to my name and register...is it worth it..??

what did u finally do??