Chosen by Asker

Enter agreement with the seller by paying advance. Bank will release the funds to seller while registering at registrar office. This is the procedure followed in HDFC.

by Veers த‌மி‌ழ்

1 month ago

Asker's Rating: 

I'm a little confused, just because you said apartment (which are usually always rentals) Unless you are referring to a condo? Most likely, the loan will be under your name .. however if you do not have enough credit and or renters experience then your mom would have to co sign on the loan for you. Which basically means the payments will be under your name, however if you don't pay then the bank will come after your mom (and her credit) for the money

by *Kristen*- 1 month ago

The person on the loan must be on the deed to the house. This protects the bank's right to foreclose if the loan isn't paid. If the bank gave you a loan, but the house was ONLY in your mom's name, they wouldn't be able to foreclose on a house that is legally her's, because of a debt that is legally yours. Banks know this, so they simply won't loan unless your name is on the house. You CAN get a loan in your name only and have both names on the house, because that way the bank legally gets to put their lien on the house, and once the lien is on the house they can foreclose regardless of who's names are on the deed.

by SmartA$$- 1 month ago

You can't get the house only in your mom's name. You can get it in your name or in yours and your mom's name though.

by Crystal A- 1 month ago

It may be possible. Firstly, if your mom has eligible criteria for taking loan In her own name, then it will very simple. Only after getting loan, you apply separately for taking the loan liability along with your mom,so that you may repay it. However, without taking liability in writing,you also can repay it. secondly, the loan will be sanctioned in joint name (both you & mom) if only you have the loan repaying capacity. In that case, the tripartite agreement after sanction of loan but before registration/ preparation of title deed in the mom's name should be done among the seller, bank and your mom. In this way your purpose may be served. The entire matter however be discussed with the bank. Practically, so many instances are there that father having land but having no income/eligibility criteria for home loan takes loan jointly with his son having income & other criteria.

by Ashoke- 1 month ago

It is better to get the house registered in your name. Any way ask the Home loan people about their terms before you register the property in your mothers name. Some banks will accept to give loan even if the house is in your mothers name and in which case your self and your mother must sign in the loan papers.

by N J Reddy- 1 month ago

You can't get a home loan when the home is not registered in your name. You have only two options to have home loan, either the home should be registered in your name or you should registered the property along with your mom. In the later case, bank might ask for your mom's earnings etc to be co-applicant for your home loan.

by panditshankar- 1 month ago