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
