Mortgage Loan on Joint Property

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Home Loans
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Mortgage Loan on Joint Property
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• The property with the joint ownership of all the
  family members means we can say it's a HUF (Hindu
  undivided family).
• One person of the family is appointed as a
  "Karta" and there is no limit to the membership
  of family members once the family members get
  married but he should be the son only.
• If the daughter gets married than she will not be
  considered as the member of HUF further.

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• Now we see the overall banks stands on the joint
  ownership property anywhere in India from HUF
  ownership.
• HUF is created due to some large undivided family
  structure and in this structure some minor family
  members can also be there and as per the Indian
  company law "No contact can be done with the
  minor members of the family in any manners from
  Home Loans.

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• Sometimes, we see some kind of self employed
  customers who belongs from HUF and the owner of
  the firm is the "Karta" of the HUF in this
  situation.
• In such cases, if business stability is not a
  concern area which means company has enough
  experience approximating more than five years and
  have sufficient amount of ITR and supportive
• ABB is last one year bank statement with good
  vintage of existing loans in current balance
  sheets and PL(Profit and Loss Statement) account
  of the company from last three years
• Source http//www.sooperarticles.com/business-ar
  ticles/financial-management-articles/mortgage-loan
  -joint-property-1292796.html?

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