Readers' Corner: Banking

Rajiv Anand, Executive Director, Axis Bank, answers your questions

I am planning to take a joint home loan with my father to construct a house. The land is in my father’s name. Can I still get a loan?
 
Yes, you can get a loan with your father as the co-applicant. It’s permissible to let the son come on the loan structure even if he’s not the owner. In case of a father and son coming as co-applicants, while permissible, it may reduce the loan tenure since the age of the applicant/co-applicant at the time of loan maturity should be around 60-65 years. For example, if at the time