Housing loan - minor's interest
Kumar R
(Querist) 09 December 2009
This query is : Resolved
Hi,
I am buying a flat from a builder. The Builder has GPA registered from Landowner.
The Landowner 's property is ancestral and the partition deed is registered in his share. The landowner has 2 children and 3 grandchildren. all 3 grandchildren are minor.
In the Sale agreement by builder, the landowner + his 2 children and has mentioned 3 grandchildren. Now I am applying loan to SBI and they have pointed that minors are invloved in the sale of property, how their interest is protected. Actually the SBI 's legal opinion laywer mentioned in the opinion that minor's interest is not exist.
Builder says as abundant caution these names are included. ( I dont know the meaning of this).
The SBI's legal opinion laywer discussed with Bank manager and then in turn with builder as well.
Now builder has given a letter stating that the names are included as abundant caution and minor's have no interest and the landowner is the owner of the property.
Please confirm if this is ok?
A V Vishal
(Expert) 10 December 2009
The father of the children can sell his own share. But he can also sell the share of his children if it is for their benefit or for family necessity.
