Bank loan on property in name of mother

This query is : Resolved

Advocate Prashant Agarwal (Querist)
Follow

01 May 2014 Dear all
can i take a bank loan on property which in name of my mother.
can she by POA may authorise me to take bank loan OR is she required to transfer that property in my own name.

please reply early

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

01 May 2014 Assuming that she doesn't have taxable income, it would be difficult to take loan on that property by you (even jointly with her).
.
.
The logic : If it could happen; anyone would be able to pledge the property of another and take a loan thereon.
.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

01 May 2014 .
However, if you wish to take a BUSINESS LOAN and mother is made as a GUARANTOR, then it may be helpful to get the loan from a bank.
.