Ask Mint | Loan disbursal after house is registered

Ask Mint | Loan disbursal after house is registered

--Renu Narang

Assuming that the said property can be mortgaged to the lender along with the required documents, your father-in-law and husband (co-owners) would be required to apply for a joint home loan. You could also join in as a co-applicant to the same. Owing to your father-in-law’s retirement, only your and your husband’s incomes will be considered for loan eligibility. Accordingly, you could get a loan of up to 85% of the cost of the property, subject to your repayment capacity.

Can pre-approval for a loan be requested only if a property is not yet identified? Is it possible to seek pre-approval in case the property has been booked, but the allotment or agreement has not been done yet?

--Randhir Jha

My wife has a plot of land in her name and we plan to construct a house on that plot. We plan that I should take a loan and construct the house, but the entire property remains in her name. Will the bank give a loan to me in that case? If not, what else can I do?

--Sameer Tripathi

Yes, lenders do provide loans for construction of residential premises on a plot of land. However, in your case, since your wife owns the plot of land, you will get a housing loan for the construction only if your wife is a co-applicant to the housing loan.

Renu Sud Karnad is the managing director, HDFC Ltd.

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