I
intend to co - own, the house property with my brother/ or/ sister/ or father/ or mother or these blood
relation together. Will I be Eligible for a Housing Loan?
You would not be
eligible for a loan as most home loan lenders (Banks and Housing Finance
Companies - HFCs) allow only immediate relatives that is blood relatives to
co-own a house property.
This means that a
parents - son (Rarely Daughters) combination and a husband - wife combination
is only allowed. The reason for this restriction is that if some dispute arises
between the joint borrowers, their incomes might not be pooled any longer and there
might be a problem in repaying the loan to the bank or HFC.
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