Monday, August 13, 2012

Property Registration in Home Loan

It’s a very big worry to every customer on whose name they can register the property. Some customers want to register the property on their wife, mother or father’s name and will be in constant confusion whether it can be done or not. All banks do accept registering the property on mother, father or wife’s name if the sale agreement is made on their name only. It is mandatory they must be the co-applicants in the home loan application and should sign all the required documents for home loan and submit their proofs also. The amount to which the property should be registered depends on the agreement value and banks also. Some banks ask customer to register the property at market value or the loan amount availed and some banks allow customers to register the property at Govt. rates. The EMI amount will be debited from the applicant’s account but property can be on co-applicants name. At the same time applicant can take properties registered on mother, father and wife’s name as security to avail any mortgages loan from bank of financial institutions. Tax exemptions are applicable to home loans under section 80© of Income Tax Act