• Property ownership issue to disburse loan amount

Hi,
Matter is: A new property purchased in the month April 2018. 30% on loan in Daughter name whereas 70% by selling previous property owners are father / Mother. 3 week ago, Agreement was signed and applicants in the agreement were Father / Mother and Daughter. Disbursement letter was received 15 days earlier, Now after we submit the copy of agreement and other documents to bank to start the process of disbursement, we can to know through bank that It cannot be processed ahead as Agreement should only have applicants as Father as a Owner / Daughter as she is Loan bearer and should be 2nd Owner, but Mother shouldnt be an applicant in the agreement. Now, we do not have enough time for fresh agreement, or apply for fresh loan as bank disbursement last date is 18th August. Please advice what best can be done here.
Asked 2 months ago in Property Law from THANE, Maharashtra
Religion: Hindu
Is the agreement duly registered.? 

If not name of mother can be dropped from sale deed and property bought in name of father and daughter 

3) it should not take more than 2 days time or so
Ajay Sethi
Advocate, Mumbai
52168 Answers
3108 Consultations

5.0 on 5.0

Deed of cancellation can be executed to cancel existing agreement by mutual consent of parties 

2) then subsequently fresh sale deed can be executed wherein property is sold to father and daughter by the seller
Ajay Sethi
Advocate, Mumbai
52168 Answers
3108 Consultations

5.0 on 5.0

Firslty, as you have already paid the stamp duty as of thee owners in the said property, now you don’t have to pay it again.

Secondly, just have to made an additional agreement making the deletion as demanded by the bank.

Thirdly, it may only cost you few thousands not much as registration doesn’t required for stamp duty to be paid again.
Sanjay Baniwal
Advocate, South Delhi
2312 Answers
5 Consultations

4.9 on 5.0

1. Bank is right

2. Mother is not contributing funds for purchase 

3. If she is added as a co-owner, then in case there is a loan default, there will be 3 claimants, which will prejudice rights of bank

4. Mother can execute gift deed for her share to transfer it to either daughter or husband

5. Stamp duty on such gift deed will be 500

6. A rectification deed can also be signed to remove name of mother from registered agreement

7. You can ask the bank which of the above courses is ok to it
Yusuf Rampurawala
Advocate, Mumbai
2073 Answers
6 Consultations

5.0 on 5.0

Mother can execute release/gift deed in favor of daughter to make her joint owner along with father. 
Gift Deed fees Max Rs. 1000/-.
Yogendra Singh Rajawat
Advocate, Jaipur
5789 Answers
4 Consultations

4.7 on 5.0

Mam a rectification deed can be made and registered all parties can sign same and mom name can be dropped from the agreement all the parties to the agreement can sign the rectification deed and it can be registered with sub registrar there wont be any issue,
Shubham Jhajharia
Advocate, Ahmedabad
7572 Answers
23 Consultations

5.0 on 5.0

1. Since the loan amount is less than the value of the share of the property your daughter will own as per the agreement, there i no reason for the Bank to refuse to provide loan to your daughter in the given circumstances.

2. The bank is acting arbitrarily.

3. Propose to the Bank that all three of you shall apply as the co-applicant for the loan and co-mortgagor of the purchased property and in tat case the Bank shall have no further reason to disburse the loan in your joint names and make payment directly to the seller of he property at the time of registration and collect the original IGR or Title Deed for creating mortgage of he same.
Krishna Kishore Ganguly
Advocate, Kolkata
20172 Answers
497 Consultations

5.0 on 5.0

1. New Registration will incur fresh expenses for you.

2. Best course of action for you shall be to add your and your wife's name also as co-applicant along with your daughter as advised in my earlier post.
Krishna Kishore Ganguly
Advocate, Kolkata
20172 Answers
497 Consultations

5.0 on 5.0

You cannot process the loan due to legal issues.

The bank will not disburse the loan if the agreement or any other requirement has not been complied as per rule or law.

What legal solutions do you think that you can have on it if you do not want to comply with the requirements that have been set out by the lender?

You still have to time for preparing fresh agreement, so act fast if you want to save this situation.
T Kalaiselvan
Advocate, Vellore
42467 Answers
462 Consultations

5.0 on 5.0

Agreement Registration and stamp duty paid. 3 weeks ago, So I assume its done. 2. What next can be done. if new registration require, what would be the charges for the same. Or any other advise in this case.

You may have to get the previous registration canceled by executing a cancellation deed and have to get a fresh agreement deed registered by paying the stamp duty once again.

All these problems will arise when people take the law very lightly and do not care for even taking a legal opinion.

When the problem arises then they will be ready to spend 10 times of the expenditure which was to have taken at the original time.

Now the option before you, if at all you want to avail loan, to cancel the present agreement and get a fresh agreement executed and registered, at least now you can take the help of a local advocate on all such further issues.
T Kalaiselvan
Advocate, Vellore
42467 Answers
462 Consultations

5.0 on 5.0

Hi,
If possible make mother a guarantor in the loan and ask the bank to reprocess the loan.
Ganesh Singh
Advocate, Delhi
1896 Answers
1 Consultation

4.5 on 5.0

This is my response to you:
1. Execute a Deed of Rectification;
2. This deed will correct the error in the previous agreement;
3. Register the same;
4. Do it as early as possible.
Gowaal Padavi
Advocate, Mumbai
1465 Answers
2 Consultations

5.0 on 5.0

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