• Joint property with loan on one person

Hi,

I have a home loan of a property jointly owned by me and my mother but loan is only on my name. 
Lets suppose I become invisible or no where to find, what happens now? 

What I want is my mother clear the loan amount and get an NOC from bank and she should be able to sell the property on her own without any paperwork or anything from my side. 

Will a affidavit or power of attorney will do the trick?
Asked 2 years ago in Property Law from New Delhi, Delhi
Hi, property jointly owned by you and your mother and if your mother clear the  loan then you have to execute General power of attorney in favor of your mother and  she can act on behalf of you and as a owner and general power of attorney holder she can sell the property to any third party.
Pradeep Bharathipura
Advocate, Bangalore
4105 Answers
133 Consultations
4.3 on 5.0
Dear Client,
You should execute a unrevocable power of attornye GPA infvour of your mother .She can sell the property  without your presence and also she can receive the sale consideration on your behalf.
Mohammad Khaleel Ahmed
Advocate, Hyderabad
184 Answers
1 Consultations
3.9 on 5.0
Hello,
All you need to do is to make a Power of Attorney authorizing your mother to act on your behalf.
The POA must be registered to enable your mother to sell the Proprty in your absence.
It will also authorize her to get NOC from the bank and deal with all formalities of closing the loan.
S J Mathew
Advocate, Mumbai
1950 Answers
65 Consultations
5.0 on 5.0
1. Do not try any trick while taking Bank loan in your interest,

2. You want that you will abscond after taking loan  by mortgaging the property jointly owned by you and your mother and enjoy the amount for which your mother should pay the loan to get back the joint property,

3. If your mother wants to repay the loan for you willingly she can do that for which you won't have to become invisible. After she makes the payment, the Bank will return the original deed to you without asking who paid for you,

4. However,  if you abscond and your mother is not willing to pay, she can lodge a police complaint alleging that you have run away with the loan amount for which her share of the joint property mortgaged with the Bank is in danger.
Krishna Kishore Ganguly
Advocate, Kolkata
12131 Answers
233 Consultations
5.0 on 5.0
If you abscond and your mother does not to pay, then  the joint property mortgaged with the Bank would be auctioned to recover the amount. In case she wants to pay loan ,she can do without your being disappear.It does not seem bonafide on your part.
S.P. Srivastava
Advocate, New Delhi
703 Answers
13 Consultations
4.8 on 5.0
Either you give a GPA or make her also a joint borrower to the loan
Jeshma Mohandas KP
Advocate, Kozhikode
567 Answers
1 Consultations
3.5 on 5.0
1. Banks have lawyers on their panels who know how to answer and counter such tricks. If you abscond the bank can file a criminal case of cheating against you whereafter non-bailable warrant of arrest may be issued against you. If a non-bailable warrant is issued and you are arrested it will be difficult to secure bail in the first place.

2. If your mother is willing to pay the outstanding loan she can do that without you having to become invisible. Bank will return the original title deed to you as and when the principal amount and the interest thereon is paid. It will not refuse to return the title deed as it is interested in only recovering the amount lent by it.
Ashish Davessar
Advocate, Jaipur
18167 Answers
449 Consultations
5.0 on 5.0
1) if you dont pay the loan and become invisible bank will take recovery proceedings for recovery of loan amount . bank will attach the property and sell the property for repayment of loan . 

2) if the loan is in your name why will your mother repay the loan . 

3) you can repay the loan . bank will return the original title deeds and property can then be sold 

4) you can execute registered power of attorney in your mother name . your mother can then sell the property .
Ajay Sethi
Advocate, Mumbai
23328 Answers
1220 Consultations
5.0 on 5.0
A.  You can execute the Registered GPA in favor of your mother with respect to transfer of property by way of sale etc., Hence, Affidavit is not permissible in the above situation.

B. You can also execute Registered Release Deed in favour of your mother because of both have 50% joint ownership over the property.

C. In case you become invisible that the Bank can recover the loan by attaching the property or present a security cheque before the bank for filing a criminal case against you.
B.T. Ravi
Advocate, Bangalore
736 Answers
30 Consultations
5.0 on 5.0
Dont play trick with the bank because if you abscond then the bank can file a case of cheating and can further recover the loan amount.
If your mother is willing to pay the outstanding amount, then she can pay the loan without you being invisible. On receipt of loan the bank will return your original title property. 
Thereafter you can execute a registered General Power of Attorney(GPA) in favour  of your mother  and then your mother can sell the property.
Sudershani Ray
Advocate, New Delhi
192 Answers
25 Consultations
4.9 on 5.0
1.do not disappear as bank can recover loan amount from ur mother by auctioning said property as now days banking laws are very hard.

2. be serious in life and avoid tricks as they are going to land you in great legal problems.

3. u can execute registered POA in favour of ur mother to sell said property.
R.K. Nanda
Advocate, New Delhi
457 Answers
0 Consultations
3.8 on 5.0

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