bank loan

Rajsekhar J V V S (Querist) 01 May 2014 This query is : Resolved
We are three legalhairs of our parents property among them two wants go for bank loan do it can be done for the two people"s share of property what legality u think u have to do

Follow Query

Report Abuse

Devajyoti Barman (Expert) 01 May 2014
The bank generally does not grant loan unless all co-sharers gives their NOC for mortgage.

Advocate. Arunagiri (Expert) 01 May 2014
Two share holders can get loan, to the extent of their value of share.

Sankaranarayanan (Expert) 01 May 2014
i do stand on mr barman,s point , Normally without the Noc From the others the banker will not even entertain the application

Advocate. Arunagiri (Expert) 01 May 2014
Where a coparcener takes definite share in the property, he is owner of that share and as such he can alienate the same by sale or mortgage in the same manner as he can dispose of his separate property.

Hardeo Rai Vs. Sakuntala Devi and in various cases Supreme court had held as above.

Sudhir Kumar, Advocate Online

(Expert) 01 May 2014
ask bank.

Let one or tow of shareholders raise loan and enjoy at the cost of your share. If they default then whole property is auctioned.

Advocate. Arunagiri (Expert) 01 May 2014
I differ.

In case of default, the bank can only sue for the possession for the share of the borrowers. The interests of the other shareholders will not get affected.

Sudhir Kumar, Advocate Online

(Expert) 01 May 2014
querist never stated it is demarcated and separated property. Such property is mortgaged in one go in toto.

Rajendra K Goyal (Expert) 01 May 2014
Two shareholders can not mortgage whole property, they can mortgage their share only.

Nothing prevent Bank in giving such loan. in case of default Bank can get the property partitioned and can go for auction.

practically Banks play safe and ask for Noc from other co-owners or ask for division of property first.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries