I want to buy a 2bhk flat in my neighbouring building. I live in a 1 bhk flat owned by my father. We plan to take a home loan based on my salary and mortgage the existing flat and his shop and take a loan to completely finance the purchase of new 2 bhk flat. We will put the old flat on rent and use the income from that and father's business income to repay the mortgage loan. but we don't know how to process all this, what are the rules and what documentation is needed. Also, can you suggest someone who can manage all this?
Answered on December 06, 2017
There are a lot of factors that affect your situation.
For starters, you need to approach banks/housing finance institutions with your requirement and papers to establish ownership of existing flat and shop as well as income proofs to establish your repayment capacity.
