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
