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Bikash Bhanu Roy (IT Executive)     14 November 2014

Query on home loan land and gift deed submission

Dear All,

My mother has a property in Kolkata since 2002. The registered sale deed is in her name. I am the youngest of her 3 sons. She has a sanctioned plan for the construction of 3 floors out of which ground floor is already built. Now the 1st floor will be built by me and the 2nd by my eldest brother. Me and my brother both need home loans to build the same.

Now I have applied for a home loan to construct first floor with my mother as a co-borrower and have submitted the original registered sale deed of the land. Prior to the submission my mother has gifted the second floor (i.e. first floor terrace) to my eldest brother through a registered gift deed so that he can independently take home loan for constructing second floor. 

But now the bank officials are asking me to submit the original gift deed also which is in the name of my eldest brother. But if my brother submits it then he won't be able to take loan and thus not agreeing for the same.

So. please guide me as to whether it is mandatory to submit the gift deed also, which is in my brother's name for me and my mother to be eligible to take loan for constructing 1st floor OR it varies from bank to bank.

P.S. The bank has already taken signature of my brother in a NOC stating that he won't claim the original sale deed until my loan is repaid.

Thanks

Bikash



Learning

 2 Replies

V M DAHAKE (PROPRIETOR)     15 November 2014

Dear Sir,

 It does not seem necessary. Please check what security exactly bank has stipulated, what documentation / undertakings have been proposed and why they are insisting for copy of Gift Deed which any way would be with your brother and not with you.

 If not convinced, you can always try another lender.

Dalip Singh (Advocate)     16 November 2014

It is not mandatory to submit the gift deed  which is in name of your brother and your mother is eligible to take loan for constructing 1st floor.    It does not vary  from bank to bank.   It varies from the understanding capabilities of the bank officials.   Firstly, see the bank should have taken legal opinion from their legal counsel.   Ask for a copy of the same.  See what he has opined.    Secondly, how come your brother in the picture.   He need not to give NOC for not claiming the Sale deed.   He may require the same at the time of taking loan for the Second Floor.

You are supposed to give Original Sale deed and a copy of Gift deed since you are mortgaging only the First Floor not the entire property.   If it is okay with the bank go ahead.  Otherwise, see some other bank.   If need be lodge a complaint to the Chairman of the bank narrating all the above facts so that they may not harass other borrowers like this in future.

 

 

 

 

 


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