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Home Loan Eligibility for Aged
My father who is 78 yrs old wants 30 lakhs home loan for which I, his 2nd son willing to stand guarentor. But bank is objecting quoting his age and says that tyhe property to be transferred to my name either by Gift or settlement deed. Is it correct? Will POA in my name will do or any agreement between me & father on transfer of propoerty would suffice. PL. clarify.
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First Answer
There are two ways of doing this case . One is by executing a disclaimer affidavit by the legal hierars of the property with out transfering the ownership Otherone is by transfering the ownership.Since father is aged 78 yrs, most of the bank will insist for transfer of the property in son's name whoes income is considered for loan eligibility.
SUNIL K THOMAS, on Apr 12 at 1:30 am
