you are at liberty to repay the loan
2) on loan being repaid bank would return original documents to your father
3) your father can then execute gift deed in your name
4) gift deed should be duly stamped and regsitered
Mortgage loaned property
My father age is 60.he had bought Mortage Loan in bank.he failed to repay the loan.he is having one son and one daughter .Daughter married.i am his son.i want to pay that Loan.In future,can I get that paid emi and Loan amount from my sister when the property tittle will change
Asked 8 years ago in Property Law
Religion: Hindu
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9 Answers
This is his self acquired property.can I get any agreement from him without tittle change
Asked 8 years ago
your father can agree to execute gift deed in your favour if you repay the loan
1. The bank is concerned only with the repayment of its money irrespective of who pays it. So you can apply to the bank to repay the loan of your father.
2. The property title will not change merely by the repayment of loan. The present owner is free to transfer the title to anyone.
You cannot recover the amount from your sister if she wilfully do not want to..this is your father self Accquired property , so you can have a well made in your name and afterwards you can repay the Loan amount
Can I get any agreement from my father? that agreement ensure my paid Loan amount will be get from the future coparceneries who are having rights to that property.In future,if they refuse to give me.can I rise legal action?is it must to sign my sister?
Asked 8 years ago
you can enter into agreement with father that in case you repay the loan amount he would transfer property to you
2) you can sue your father if he refuses to honour the agreement
3) your sister can be witness to the agreement
If your father is living then he has to enter into an agreement with you for this arrangement
If he is not living then your sister should relinquish her rights and also give NOC to this mortgage loan repayment and also for returning the title documents to you after discharge of loan amount.
What type of agreement?
An agreement without involving title may not be valid in law.
This is not an agreement but an arrangement.
He can instead enter into a tripartite agreement so that the desired object may be achieved.
Such agreements can be made but will hardly have any legal enforceability in future.
