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Query about home loan

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Suresh Jadhav

students

41 Points Posted on 03 May 2020

if the property owner is father then son want to home loan on his behalf it's possible??

Replies (4)

Quick Summary

This discussion addresses whether a son can obtain a home loan for a property owned by his father. It confirms that this is possible, especially if the father agrees to be a co-applicant. The conversation also touches on the distinction between a first-time home purchase loan and a mortgage loan for an already-owned property, noting that the son's financial profile is crucial.

Krishna SoNy

28 Points Posted on 04 May 2020

Yes it's possible if father agree to be co applicant for such loan, 2nd thing home loan calls purchasing first time house, if home is already owned then there would be mortgage loan and it is subject to financial profile of applicant also.

Vlad Filipenko

26 Points Posted on 04 October 2021

It sure is, just make sure you find the right people to discuss the process with.

Vlad Filipenko

26 Points Posted on 04 October 2021

Yes, the son will be able to do that. The loan on the house will be less than the full loan balance, or 95% of the appraised value, depending on which one is less.

Isabel Green

26 Points Posted on 18 October 2021

Yes, the son will be able to do that. The loan on the house will be less than the full loan balance, or 95% of the appraised value, depending on which one is less. But I also heard that there might be issues with family-related loans and transactions.