How to take a loan on property with minor presence
Sooraj
(Querist) 07 January 2013
This query is : Resolved
I am a Hindu Nair from Kerala. We have an inherited property which got 6 shares which contain one share of my uncle who expired before partition. We gave equal shares to all the 6 shareholders including my expired uncle's aunt who has a daughter who is minor, 10 years old now. By the time of registration, my aunt signed on behalf of my uncle's share and it has been mentioned in the document.
When my mother approached banks for a home loan on her property, banks rejected the claim stating that the total property has minor presence and they cannot risk. Can't my mother has the right to do whatever on her share ? Please help me regarding this.
Raj Kumar Makkad
(Expert) 07 January 2013
If the property is partitioned in the revenue record then your mother is free to have mortgage over her share without having any intervention but if the partition has been made mutually without getting it recorded in the concerned record then bank is right and in these circumstances, the due permission is required to be obtained from civil court.
Better to get the partition entered in the revenue record.
K.K.Ganguly
(Expert) 12 January 2013
Bank will not allow any loan mortgaging undivided share of a property.
