Re: Can live-in couples get a joint home loan?
by Edison John on Jul 18, 2012 08:43 AM
In School, what will they write in the " Name of Father " and " Name of Mother " columns ?????
Re: Home Loan for Live in Couples-
by Edison John on Jul 18, 2012 08:50 AM
Did you just merely " enquire " or did you really " TRY " to get a HL from a PSB ???
If property is purchased jointly and both persons have the capacity to repay the loans then banks can give loan. Banks give loan by property mortgage. If the live in couples fail to clear the loan then banks sell the property and clear there loan. Therefore banks can give loan to live in couples also.
As the author has clearly stated, a live-in relationship has neither the sanctity of the community, nor legal validity and the partners can walk away from the relationship at any time without the hurdles of going to a Family court and filing petition for divorce. The insecurity provided by live-in relationships further complicates and abates separation of partners even for flimsy reasons. In the circumstances, Bankers will not be keen to finance Home loans jointly to Live-in partners. One of the ways out is to book adjacent flats in a complex ( Half the size of what they originally proposed to acquire ) or they can come to an understanding with the Society and consider one flat as two distinct entities in the 99 year lease agreement of the flat. The two distinct entities ( flats ) can be individually financed to the two separate live-in partners. A opening in the two flats to facilitate it to become a bigger flat can be done by the builder itself. I believe, the lenders SHOULD NOT FIND FAULT with this sort of arrangement. Any default by any individual live-in parter and the lender can go in for aquisition of the flat through legal/other means !!
