I would like to purchase property from my father, and I would like to take home loan. Could I get the loan to purchase, and for renovation of home?


In general, yes. (I borrowed money from a bank to purchase my parents’ home.)

However, whether you can get the loan or not will depend on a lot of things, such as your location, financial situation, value of the house, purchase price, amount of loan you are seeking, etc. Your next step would be to talk to a loan officer at a local bank and see what they can do for you.


You can get a loan for this, the bank does not care who you buy from. You can also get the loan for renovation. You can bundle purchase and repair into one loan. The exact requirements with respect to down payment and income vary, so you have to ask your bank.

However, I would consider whether instead of asking the bank for a loan, it is possible to ask your dad for a loan. For obvious reasons, your father may be willing and able to provide a much more advantageous loan to you than the bank can.

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    The second part is a very good tip, I would also recommend to do that. It makes everything more flexible. – kirbby Aug 26 '19 at 7:39
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    Major financial deals with close family can be great but can also lead to terrible conflict and broken relationships. A bank turning you down may mean that you cannot legitimately buy a house this expensive, and borrowing from family doesn't change that. If you go that route, it probably makes sense to have a real estate lawyer involved to help with the contract. It's also worth noting that using a bank can have advantages in terms of related services like escrow for taxes and insurance, etc. – dwizum Aug 26 '19 at 12:46

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