Equitable Mortgage

Jaideep Nayyar (Querist) 26 November 2008 This query is : Resolved
Original Sale deed in the name of X who has since expired, his son applied for a loan with the bank on the basis of the said sale deed being the only legal heir of X. Now whether the bank can create an equitable mortgage on the basis of this sale deed

The property is Lal Dora property i.e. no entry in the revenue records and only the TS-1 in the muncipal corporation the same is in the name of the son

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A. A. JOSE (Expert) 27 November 2008
Unless the property in question has been transferred to the name of the son after following due procedure thereof, it would not be proper for the Bank to create such equitable mortgage please.

Adv.Shine Thomas (Expert) 27 November 2008
The bank cannot create EM on the basis of the above sale deed.

arunprakaash.m. (Expert) 28 November 2008
if the mortgagor prove that he is the legal heir of the deceased then he can rise loans.

Jaideep Nayyar (Querist) 30 November 2008
I have modified the querry for further clarificaation

Jaideep Nayyar (Querist) 30 November 2008
Kindly guide me please

Adv.Shine Thomas (Expert) 30 November 2008
Along with the loan application and other related documents,a legal heir certificate from the Thasildar is also sufficient to create an EM in the above matter.

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