Yes u can take
Property transfer
My father has two brothers (having two sons each) and three of them are the joint owners of a residential plat. I would like to have the mortgage loan from any bank on that residential plot on my name. I am also having two brothers, one elder and one younger. What are the means to do the same so that a bank can offer me a loan on this property.
Asked 5 years ago in Property Law
Religion: Hindu
23 Answers
To get a loan on equitable mortgage of a property you need to become owner of it.
So first you will have to get the share of your father by gift deed and then demarcate your share by a deed of partition.
Thereafter you can be held eligible for loan.
consent of your father siblings is necessary to mortgage the property
bank would not grant you loan only on basis of your father consent
- Since three of them are joint owner of this property , then without the consent of others bank will never sanction loan to you.
- If you are one of the owner of the said property , then divide the property after executing a registered settlement/partition deed to take loan after mortgaging your document in the bank.
- If your father and uncles are the joint owner of the plot. Than how bank can provide you loan against that property.
- The loan can be avail on your father's name for 1/3 rd portion and need to take NOC from your two uncles.
You have to prepare Memorandum of project report for the loan process being proposed and advanced by you for the acceptance by bank to offer you loan as per CIBIL report accredited to your creditworthiness and credentials.
My father and uncles ready to give the property to me willingly and my brothers and cousins will also sign the NOC for me. In this case could i get the loan if i will become the sole owner of property via gift deed by them. Will bank offer loan to me on the property owned by me which is transferred to me via gift deed of my father and uncles?
Asked 5 years ago
Yes they will
Once gift deed is executed duly stamped and registered you are absolute owner of property
2) bank would grant you loan in said property
Bank will not provide you loan until your father and his brothers give you POA to take loan on the property.
If they are ready than ask them to execute gift deed in your favor and their chilren have no say. They can sign as witness to gift deed.
Than bank will grant loan easily.
- Yes, they can execute a registered Gift deed in your favour , and further after that gift deed you can get the loan from the bank .
Yes, than bank can provide you loan according to structural conditions of the property once the property is transferred on your name by way of gift deed.
yes when the property has been transfered in your favour either by gift or settlement, you became the sole owner and you can apply for loan based on that.
Yes Surely.
You may avail loan on the property provided you must own it entirely as per legal documents. You must be absolute owner of the property.
The property is on the joint names of your father and his brothers.
Therefore first his brothers have to relinquish their rights in the property in your father's name to enable your father to become an absolute owner with clear and marketable title to the property.
After acquiring absolute title to the entire property, your father may have to to transfer the property to your name either by a registered gift deed or a settlement deed to enable you to become an absolute owner of the property with clear and marketable title to the property.
You can approach bank for loan only after completing the said process completely.
The willingness of your uncles alone shall not be sufficient in this aspect.
You may have to follow the legal process as suggested in my previous post of this thread.
Gift Deed confer absolute right in your favor and you can deal with the property in any manner whatsoever, I mean, sell, gift, lease, mortgage, etc. However, while mortgaging the property, you have to submit original chain of title with the bank.
Yes you can easily avail the same if you are sole owner
For a mortgage all the share holders must come on board.
That the best solution to this problem. Once that property becomes yours you may very easily apply for a loan.
Since the property is in your fathers name, bank would not sanction loan amount without consent of your father.
home loan cannot be availed on a gift deed. But yes, loan against property is a viable option for you.
Yes you can get the loan on that property
1. First you need to get your share from the property so that you can mortgage your specific share with bank.
2. To get your share you need ask your father to give you your share through gift deed or settlement deed.
3. If they are ready to give you the property then they can execute a Gift deed in your favour and after execution of gift deed you can get loan on that property.
