Hi, My Father-In-Law has a self acquired home and has given a rights to my brother-in-law to take home loan on his property.But after paying EMI for some years my brother-in-law is not in a position to pay EMI.So my father-in law has requested me to take care of loan and he is ready to sale/register the property in my name. So could anyone please help me that would be there any legel objections from my brother-in-law stating the share in the property after some years in the mentioned property.
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did your father in law execute power of attorney in favour of brother in law ?
2) your father in law should revoke the power of attorney executed in brother in law favour
3) you have not mentioned how rights were given to brother in law to take loan on the property
4) any sale deed should be registered in your name with brother in law consent
5) if you don't have his consent it can cause legal complications in future
Since you're taking care of the loan get a Will executed in your favour in respect of this proeprty.
Another option to get one half owner o0f the proeprty by a gift deed done through your FIL with the consent of the bank.
Your father in law can transfer the property to your name by a registered sale deed on a tripartite agreement with the bank with regard to repayment of loan on the property.
Or you can get NOC from bank or even repay the bank loan and get the loan fully discharged subsequent to which you can get the property properly transferred to your name by execution of a registered sale deed.
Hello,
1) As the property is self acquired, your father in law is at liberty to sell or transfer it to anyone he chooses to. Therefore if he seeks it to you for a consideration your brother in law cannot challenge it at a later time.
2) It would be advisable to clear the loan first and your father in law get a no due certificate from the bank and then you enter into an Agreement for sale.
1. Since your brother in law has taken loan after mortgaging the property of your father in law, the said mortaged property can not be dealt with by your father in law now without the written approval of the mortgagee Bank.
2. Since your brother in law is not in a position to pay the EMIs, all of you being your brother in law, your father in law and yourself should file a joint application before the said mortgagee Bank for granting permission to your father in law to sell the said mortgaged property to you, sale deed for which shall be kept with the said Bank by you as continuation of its mortgage and also to transfer the said loan in your name, EMIs for which you shall repay.
3. This way the Borrower being your brother in law will be substituted by you in the records of the Bank and the property which will be kept under mortgage by the Bank will stand in your name.
4. If the above steps are taken, your brother in law will not be in a legal position to claim the said property in any way later on.
