I wanted to buy a low cost double terrace house from my father. My father wanted to sell it at cheaper price to his children. FYI, he settle his house loan dy. My father bought it from previous owner when he married with my mom. & I’m 32 yrs old now. My question is I wish to buy from him without apply bank loan to avoid pay interest, Can I pay instalment to him privately (maybe pay him principal only or with lower interest rate than bank), just treat it as I pay him pocket money & he transfer his property to my name? ? I wish to pay him more when I have extra money. (eg: when have bonus / FD expired) . FYI, He is 66 yrs old now.
Any real property gain tax if he sell to me & I apply bank loan? Can he transfer name to me, & I pay him privately? Or better he write a will? Or the property add one more name (me & his name) since I not pay full amount yet? If add one more name, what happen if in future anything happen on him? Will the property own by my other siblings too? Let’s say if one property have two names, one of them passed away, the 50% of the property is it give to tat person’s parents, spouse & kids according to the portion stated in law rite? Anyone can give me a safest & save cost solution for this? TQVM.
