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V Nagarajan: It is advantageous to seek home loan in joint names in India
January 06, 2019
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Exclusive to The Gulf Today

Following the demise of my parents, I am trying to obtain a legal certificate but due to difference in the family, we are not able to approach the authorities together.  Can one of the legal obtain the legal heir certificate? Please clarify. Gopalakrishnan, Sharjah.
Legal heir certificate can be applied by any one of the legal heirs. You should mention details such as name of the deceased, date of death and attach a copy of the death certificate obtained from the government authorities. You could also include details of the persons who were legal heirs along with their contact addresses. The tahsildar will issue the legal certificate specifying the names of all the legal heirs to the property.
 
My father took home loan in India but passed away recently leaving no Will. I am the only son working in the Gulf. What is the status of the home loan and their rights over the property? Please guide us. Sharat, Dubai.
When the home loan borrower dies, the institution normally approaches the guarantor and if there is no guarantor, then the legal heir will be contacted.

The loan will be transferred in the name of the legal heir and he will be responsible for the payment. To transfer the property in your name, a no-objection certificate from the lender will be required.

It is not clear whether your father had availed home loan insurance scheme and opted for a loan repayment insurance. If it is so, then the home loan will be paid by the insurer. You can collect the loan clearance certificate from the lender as well as original property documents.

I am investing in an apartment project with home loan in Bengaluru. My wife is in India and employed with the state government. Is it advisable to take the home loan in joint names? Prasanna Shetty, Dubai.
Yes. It is advantageous to seek home loan in joint names as each individual is entitled to claim tax benefits. However, there are certain ground realities which you should observe. The apartment should be bought in joint name and proof of co-ownership should be maintained.

The housing loan should also be taken in joint names. The repayment of loan should be made individually by the co-owners directly or from a joint bank account. The tax benefits are available in proportion to the joint ownership in the property and the loan taken by the co-owners.

Notes:

The government has eased CRZ norms to promote tourism and redevelopment needs. It has been proposed to divide the CRZ-III (Rural) into two separate categories depending on population density.

While in CRZ-IIIA, which has a population density of 2,161 per sq km or more, the no development zone (NDZ) would be restricted to 50 metres from the high tide line (HTL) from earlier 200 metres, in CRZ-IIIB, where the population density is less, 200 metres from HTL as NDZ.

However, for islands close to the main land as well as for those backwater islands on the main land, the NDZ will be 20 metres considering their unique geography and space limitations.

The government has also decided to allow temporary tourism facilities such as shacks, toilet blocks, change rooms, drinking water facilities on beaches as well as in NDZ of CRZ-III areas.

However, they are required to maintain a minimum distance of 10 metres from HTL while setting up such facilities, the statement said.

Besides, the government also laid down more streamlined procedure for getting CRZ clearances.

Flexible Office Space

While the Ministry of Environment, Forests and Climate Change will be responsible for giving clearance in ecologically sensitive CRZ-I and CRZ-IV, where area covered between low tide line and 12 nautical miles seaward, the powers to grant clearances in CRZ-II and CRZ-III would be with respective State governments, the statement. Flexible offices will expand to account for 30-40 per cent of all office space globally in the next three years, up from just about 5 per cent at present, according to Knight Frank survey.

A survey of senior executives at 120 multinational companies are increasingly planned to operate from flexible, serviced and co-working spaces which create a more collaborative working environment and offer freedom to expand and contract quickly.

In India, big corporates now account for about half the clients. This segment has seen 300 per cent growth in the past three years.

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The author is a business analyst
covering Indian property markets

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