• Loan against property

Can I avail loan ( mortgage against property )of my deceased father property .
I have a sister who is married .
I have a legal heir certificate in both of our names.

How Can I avail loan against property.
Asked 5 months ago in Property Law
Religion: Hindu

2 answers received in 10 minutes.

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13 Answers

The legal heir certificate is in your as well as your sister's name. Hence either take a noc from her that she has no objection or if she transfers her share to you then you may take loan in your name.

Rahul Mishra
Advocate, Lucknow
13048 Answers
42 Consultations

5.0 on 5.0

Your sister should make a relinquishment deed and register it in your favour grant you her share. 

If she wants to keep her share then ask her for a noc.

Rahul Mishra
Advocate, Lucknow
13048 Answers
42 Consultations

5.0 on 5.0

The property of your deceased father shall devolve equally on all his legal heirs. 

Thus you cannot claim the ownership of entire property. 

For this all the other legal heirs of your deceased father should execute a registered release deed relinquishing their rights in the property in your favor after which you would become the absolute owner of the property. 

You can get loan offering this property as collateral security after that. 

T Kalaiselvan
Advocate, Vellore
74174 Answers
1203 Consultations

5.0 on 5.0

Neither power of attorney nor NOC from your sister would make you the absolute owner of the entire property. 

Your sister should execute a registered release relinquishing her rights in the property in your favor after which you can get the property mutated to your name. 

T Kalaiselvan
Advocate, Vellore
74174 Answers
1203 Consultations

5.0 on 5.0

You and your sisters have equal share in property 

 

2) I presume mutation has been done in your joint names 

 

3) you need your consent consent to avail loan against property 

Ajay Sethi
Advocate, Mumbai
84068 Answers
5480 Consultations

5.0 on 5.0

Your sister has to execute gift deed or relinquishment deed for her share in property 

 

2) it should be duly stamped and registered 

 

3) for obtaining loan against property sister NOC is must

Ajay Sethi
Advocate, Mumbai
84068 Answers
5480 Consultations

5.0 on 5.0

Dear Sir,

 Get NOC of your sister and follow the procedure of the bank to get loan.

Kishan Dutt Kalaskar
Advocate, Bangalore
5948 Answers
317 Consultations

4.8 on 5.0

Loan will be sanctioned by bank in the name of both the legal heirs. As the both sister and brother are legal heirs. You have to apply for mutation. If you want of mutate property in your name you have to obtain NOC from sister. If the sister gives NOC and property is mutated in your name you can directly approach bank for loan in your name.

Ravi Shinde
Advocate, Hyderabad
1441 Answers
16 Consultations

5.0 on 5.0

1. Assuming that your parents' died intestate ( without executing a WILL ), then the share in the property devolves equally to all the legal heirs. In the instant case to you and your sister.

2. If you want to avail loan by mortgaging the property, your sister, being a co-legal heir, has to agree, as she holds 1/2 undivided share in the property.

3.  If you want to become sole and absolute owner of the property, your sister has to execute a registered Release Deed relinquishing her entitled share in the property in your favour in the jurisdictional Sub Registrar's Office.

4.  If your sister is unable to physically attend the offices, voluntarily she can execute a POA in your favour.

Shashidhar S. Sastry
Advocate, Bangalore
3770 Answers
225 Consultations

5.0 on 5.0

Without sister's noc, loan is not possible

you CANNOT inherit your father's property by taking a POA or NOC of your sister

you have half undivided share in the property [assuming there are only 2 legal heirs]

your sister has to release or gift her share to you under a registered release or gift deed. Only then you become the exclusive owner of the property

Yusuf Rampurawala
Advocate, Mumbai
6435 Answers
54 Consultations

5.0 on 5.0

The property of your deceased father property devolves between you and your sister equally which means you are not the sole owner of your father's property and you and your sister both have a legal heir certificate

Yes, Noc is a must but NOC and Power of Attorney from your sister do not give you absolute ownership.

A duly registered and stamped relinquishment deed or gift deed should be executed by your sister that she release her right in deceased fathers property in your favour after which you can mutation your property in your name. 

 

 

Anuranjan Patel
Advocate, Patna
9 Answers

Not rated

Hi,

Since you and your sister both are the legal heir it means that both of you have equal right over the property of your father. To avail a loan the mortgaged property needs to be in your name. You can register the property in your name by getting a NOC from your sister or you can even divide the property. In case you do not want to register you can ask the particular bank the procedure of mortgaging a co-owned property.

If you found this helpful please rate my answer. Thank you.

Anik Miu
Advocate, Bangalore
2499 Answers
26 Consultations

4.9 on 5.0

you need to seek noc from all legal heirs for the said loan. 

Prashant Nayak
Advocate, Mumbai
24239 Answers
51 Consultations

4.4 on 5.0

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