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

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

What is the application process?
In such a case, it would be better if you apply for the loan as a co-applicant. Therefore, you are required to make your grandmother also a co-applicant for the loan. This requirement arises from the fact that all the co-owners involved in the property against which the loan is being applied for should be made co-applicants. This will make it easier for you to take the 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 land papers. Now, if the land papers are in your mother's or grandmother's name, then 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 your grandmother's or mother's name 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 regular income to repay the loan or not. In such a situation, if you have a job and regular income, only then the bank will pass the loan. Therefore, it is necessary to apply in the name of both you and your grandmother.