Can Buyer give premium amount cheque in favour of co-applicant

Q: Sir,My brother has purchased a Flat in Gurgoan in july 2011. he paid almost 95%(Subvention scheme-he has not to pay EMI for 18 months,Builder will pay EMI till 18 months).He paid 20% himself and rest with bank loan.Now he want to sell this flat,In this flat my brother is Applicant and father is co-applicant.Due to property appreciation he is about to get some premium amount on flat.on this premium amount he has to pay short term capital gain tax,since he has kept flat less than 3 years. My brother was outside India,so he given power of attorney to my father.

Gautam , Apartment Resident

30th April 2013

Legal in Gurgaon

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I did not understand why will builder pay EMIs? Your brother has taken bank loan and he has only paid 20% you said, then why should builder pay? please clarify. Which project is it and where is it located?

Anuj Gupta, Mumbai

6th May 2013

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But it is always advised to consult a lawyer for this kind of legal matters .

Pramela, Gurgaon

3rd May 2013

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even i guess there are a number of institutions offer co-applicant status to authorized users on a line of credit.

rahul kirmani, Delhi

3rd May 2013

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See as per my info co-applicant is the second person/ signature on a loan. A co-applicant holds as much responsibility for paying the loan back as the applicant.

Subhaduti Mahankar, Greater Noida

3rd May 2013

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