Want to take home loan for renovation of my house.

Q: I want to renovate my home for which I want to take a home loan. The property is in the name of my father, and he is 80+ years old. I wanted to apply for the loan but they told me that I am not entitled since the property is in the name of my father who is over 80 years old. Please clarify me that why can't I take the loan in my father's name.

Biswanath Mukherjee, Kolkata

14th November 2011

Investment Advice in Kolkata

renovation

my house

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Replies (1)

The owner of the property (your father) is a senior citizen who is not eligible for the home loan to alter your house and you are also not the co- owner of the property. Such loans are not possible till you become the co- owner or you can take personal loans directly from the bank.