Home Loan rules for property sale between blood relation?
November 15th, 2010 | by admin |I want to sale my current flat to my younger brother as i wish to buy new one near by my office.
I am having Home loan on current flat and want to apply for fresh loan to purchase new flat. My Younger brother has good income through salary and eligible to purchase my flat by taking home loan against my property.
We had approached one bank for My brothers loan and received sanction as well. Problem occures when bank rejected his application stating transaction between Blood relation is not acceptable.
Request if any one has experienced similar case and advise if any bank accept such transaction and disburse amount to my current bank to clear my outstanding.
That is weird. Normally they do not care unless it is a short sale, in that case, no, it is perceived as mortgage fraud.
3 Responses to “Home Loan rules for property sale between blood relation?”
By the kid on Nov 16, 2010 | Reply
Try a different bank.
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By Landlord on Nov 16, 2010 | Reply
That is weird. Normally they do not care unless it is a short sale, in that case, no, it is perceived as mortgage fraud.
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By Doctor Deth on Nov 16, 2010 | Reply
what country do you live in? I can’t imagine a bank in the USA denying a loan for that – people sell property to relatives all the time and as long as the buyer qualifies for a mortgage – numbers-wise, it shouldn’t matter who he is buying it from
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