can I buy a house in the name of my child who is lucky for me. Will I get a home loan in such a situation?
Any property in the name of a minor child is not eligible for a home loan. Since home loan is a legal contracted obligation between the lender and the borrower, any property in the name of a minor child gets
automatically ineligible for a home loan. So choose between purchasing the property in your name or in the name of your spouse or collectively
You can buy a house in your minor child’s name. However, this type of property cannot be sold without the permission of the court. However, you can form a trust with your child as the beneficiary so that there are no hassles selling the property and the property is transferred to their name once they turn 18 years. You or your spouse can act as trustees for this trust. Note that a minor cannot be a co-applicant on a Home Loan. So, you cannot buy a property using a Home Loan in your minor child’s name. Buying the house and then creating a trust might be the best option.