Will you get a home loan if the house is in the name of your grandmother or parents? Building a house or renovating an old house is an expensive task, for which people usually have to take a loan from the bank. However, when the land is not in your name but in the name of your mother or grandmother
Home Loan: Will you get a home loan if the house is in the name of grandmother or parents? Building a house or renovating an old house is an expensive task, for which people usually have to take a loan from the bank. However, when the land is not in your name but in the name of your mother or grandmother, then the process of taking a loan becomes a little different. In such a situation, what process will you have to follow and can you take a loan? Will you get a loan? This is a big question. Know here what you have to do so that if the house is in the name of your mother, you get a loan.
You will get a loan to build a house
If you want to build a new house on the land in the name of your mother or grandmother, then first you have to go to the bank and get the land papers checked. After this you can apply for a home construction loan. On the other hand, if you want to renovate an already built house, then you can directly apply for a home renovation loan.
Co-applicant for loan with mother or grandmother
According to property expert Pradeep Mishra, the best way in such cases is to make your mother or grandmother a co-applicant. The reason for this is that it is mandatory to make all the owners of the property for which the loan is being taken as co-applicants. This makes the process of getting a loan easier. The chances of getting a loan will increase.
Why can’t you get a loan only in your name?
Banks pass the loan only when the land papers are correct. If the land is in the name of your mother or grandmother, then the bank can refuse to give a loan only in your name. In such a situation, you have two options: either take a loan in the name of the legal owner, or apply for a loan by making them a co-applicant.
Why can’t you take a loan only in the name of mother or grandmother?
Many people may think that why a loan cannot be taken directly in the name of mother or grandmother. The reason for this is that the bank calculates the regular income of the applicant before giving the loan. If the mother or grandmother does not have a regular income, the bank may reject the loan. Therefore, it is important that you also become a co-applicant so that the bank is confident that you can handle the responsibility of repaying the loan. If your mother or grandmother has land in her name, then you will need to become a co-applicant to get a loan for house construction, which will increase the chances of getting a loan.
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