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Mortgage Loan on Joint Property

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Mortgage Loan on Joint Property

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  1. Home Loans

  2. Mortgage Loan on Joint Property

  3. 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.

  4. 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.

  5. 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 P&L(Profit and Loss Statement) account of the company from last three years • [Source: http://www.sooperarticles.com/business-articles/financial-management-articles/mortgage-loan-joint-property-1292796.html?]

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