Society dues

I want to apply for a loan against my flat which is located in Andheri w, Mumbai. However there are certain roadblocks which I want to share with your team of professionals so that we have a clear understanding of how to proceed next if at all.

Overview:

Property is in my grandmothers name. Society has been formed, conveyance deed has not been executed. Society has not made us members of the flats. Since 1987, we have not paid the maintenance charges as the bills are issued in the builders name. The total outstanding is 1700000 out of which 6 lakhs is the principal amount and rest is interest. I want to pay this off, however I cannot avail of a loan against property because I do not have the share certificate or any legal document stating that the flat is ours. The only document we have is the agreement between the builder and my mother for our flat. The society says that only after we pay will they make us members and give us the other necessary documents pertaining to our flat ownership. I want to take a loan against our flat to pay off the dues but the banks will not entertain us due to lack of share certificate. I need the bank to meet up with the members of the society with me present to discuss the possibility of the loan and the clearance of the documents thereof.

1)    Flat is still in the builders name as per society’s records.

2)    I have an agreement between my mother and the builder. The share certificate is in the society's possession.

3)    My mother has passed away and left behind a registered will which grants the ownership of the flat to myself and my younger brother.

4)    I want to take the loan to pay the society dues that has piled up due to non-payment of maintenance dues.

5)    My brother and I are on the same page.

6)    The society is willing to transfer the flat in my name provided a bank/financial institution guarantees to provide me with a loan to pay them off.

7)    If the bank/financial institution contact person is available, I can set up a meeting with the members of the society to facilitate discussions.

Please revert back after reviewing the situation at hand and how to proceed further. Thanks for your valuable time and inputs.