We need a lot of capital to build a house or to renovate an already-built house. The common man can arrange this capital only through a loan. Although taking a home loan is an easy process, if the land is in the name of your mother or grandmother, then what process will have to be followed for this and can you take a loan on it or not? Today we know the answer to both these questions from property expert Pradeep Mishra.

If there is already a house on your grandmother's land, then you can apply for a home renovation loan to repair the house. However, if there is no house built on the land, then you will have to check the option of a home loan for construction. For this, first of all, check the documents of the land and go to your bank with it. If your bank approves, then you can start the further process.

What is the application process?
In such a case, it would be better if you apply for a loan as a co-applicant. Therefore, it is necessary to make your grandmother a co-applicant for the loan. This requirement arises from the fact that all the co-owners of the property against which the loan application is being made should be made co-applicants. This will make it easier for you to take a loan and get it approved.

Why is it necessary to make a co-applicant?
As you know, banks approve home loans only when you have proper papers of the land. Now, when the land papers are in the name of your mother or grandmother, the bank can refuse to give a loan in your name alone. In such a situation, you have two options, either you take the loan in the name of your grandmother or mother or include them along with yourself.

Why not apply only in the name of the grandmother?
If you think that when the land is in the name of the grandmother, then why can't you apply for a loan only in her name? Actually, before giving a loan, banks also check whether there is a regular income to repay the loan or not. In such a situation, if you have a job and regular income, only then will the bank pass the loan. Therefore, it is necessary to apply in the name of both you and your grandmother.

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