property is standing in name of firm
2) loan can be given against property by bank or FI
Parnership Property Holder where 40% is HUF partner
Dear Sir/ Madam, I have a query regarding a Property Could be Mortgage in this case or not?? Matter A Partnership Firm is a property holder where in that partnership 60% is an Individual Partners and 40% as HUF Partners in that case as per our law or legal opinion that property any financial institution can give Loan Against Property or not or can do mortgage or not??
Asked 6 years ago in Property Law
Religion: Hindu
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5 Answers
Hello sir , the property can be mortgaged And a bank loan can be approved by entering a into a agreement by the proprietor of the firm and the other owners of the property
The can mortgage the same but the consent of all the members of the HUF will have to be obtained, bank will mortgage that property only when the bank will have NOC from all the legal heirs.
Regards
If Karta is the partner in that partnership firm then bank can grant loan on the basis of mortgage of property. Actually HUF property cannot be mortgaged by individual coparcener because all the coparceners have interest in the HUF property. If Karta is partner in the partnership form then he can mortgage the huf property for the benefit of family. A partnership firm is constituted for the purpose of share of profits, if karta gets share in the profit and utilise it in the Welfare of the Hindu undivided family then Karta can make mortgage of the huf property.
If the property belongs to the partnership firm then the firm can resolve in its meeting as per its articles of association for obtaining mortgage loan on the property on the basis of the resolution passed or the decision taken at the high level meeting.
It is the firm that is going take a decision on this and not the individual partners even if they constitute 60 or 40 percent share in the partnership firm.
You may visit the partnership deed for more details on this.
