Question
Will my Home loan be approved?
Hi, I am from India - Hyderabad. I have applied for Home loan. The house is on my mother's name. I am the nominee. I want to make a few renovations and constructions. I have all the documents that are required. But few bank people are asking for Gifted document - which says that the house has been gifted to me by my mother. Its a registered doc. which will cost me 20-25 K. I don't have that kind of money. But few people said they shall try processing the loan without that. I don't have any other loans. Just a credit card which i have been paying regularly. I was both on June 1st 1983. Nominee means, on the event of my mothers death, the house will automatically get registered on my name. Gifted is another way to giving a property to someone, it is a registered docuemnt and cost more than writing a will. Though, when a property is giften, it is tax exempted to a certain amount.
7 months ago - 5 answers
Best Answer
Chosen by Asker
hi,, presently your property is in the name of your mother. it is not a problem to process your loan. i am giving you some condition pls check your mother will be applicant and you will be co-applicant in the loan deal. we in india, consider income of any individual at the age of 60 if he/she is salaried and 65 for self employed. in your case may be your mother is your financial applicant then the tenure will be at the age of her retirement. if you are only child of your parent then gift deed is not required, but if you are not then there is a chance that later on your mother will partially/fully gift this property to her other child. to avoid that risk bank may ask you for gift deed in your favour. as long as nominee of concern it can be change any point of time by the owner of the property. hence it will not be consider.
Source(s)
manager for mortgage in leading private bank.
by gyanam
7 months ago
Asker's Rating: 
Other Answers
We here in the United States don't call people who are put on a deed as co-owner "a nominee". Please explain what "nominee" means. To me it may mean that your Mother has a will, and you're named the beneficiary to receive her estate (money and property). What is Gifted Document?
by dusty_titus- 7 months ago
Its better to open joint Bank a/c ,where both of u can operate the acct. On this basis ,against the house / land documents u can apply for loan.
by Amarnath C- 7 months ago
I wonder if you might be able to find an Indian-American who can help you. I'm not sure what you mean, but some of the terminology may be different. I have not heard of a gifted document and am not sure why it would cost $20,000.
by Rocky- 7 months ago
Hi Ashi, Few more questions.... 1) Does your mother have any income source? 2) What is your income source? 3) What is the property value? If your mother is a earning individual, apply the loan as a co-applicant then there is no gift deed required. If not, the stamp duty for the gift deed is 4%, say your property value is Rs 100,000, you have to pay Rs4,000 only. It is not any fixed price like 20-25k. check more details www ... Never trust any third persons to manager things, for processing loans without all documents. Contact the Branch manager or loan manager for full assistance. They will always ready to help you.
by Avasarala- 7 months ago