Home loan.
Madhur Singh
(Querist) 16 December 2012
This query is : Resolved
Respected Sir,
1- A home loan- the plot on which construction work is proposed, there is not original Reg. Sale Deed (Title Deed) is available. In these condition legally said loan is possible or not?
2- In absence of original Reg. Sale Deed on the basis of third party security the home loan can be granted by the bank or not?
3- To get home loan for 10 years by 83 years old person is possible or not?
Raj Kumar Makkad
(Expert) 16 December 2012
1. Even if original sale-deed is not available but its certified copy is available with the police report of loss of original document/titled deed then bank can consider but all depends upon bank to become satisfied or not.
2. Depends upon particular bank.
3. Generally not.
Madhur Singh
(Querist) 17 December 2012
Is it safe and legal to grant a Home loan for 10 years on the basis of third party security and what would be the liabilities of the owners of the third party security regarding above home loan recovery?
Raj Kumar Makkad
(Expert) 17 December 2012
If the third party is ready to mortgage its property as a security till the recovery is made then you may go ahead otherwise drop this idea.
