Joint plot owner
Vilesh Bondade
(Querist) 01 November 2018
This query is : Resolved
3 person are joint owner of land and wants to construct equal share flat and wants to get PMAY Benefit independently , bank denying to grant PMAY benefit to all 3 person, what is remedy
Isaac Gabriel
(Expert) 01 November 2018
The scheme is intended for individual benefit. First sub divide and approach the authority entrusted with the scheme, get the approval and then contact the banker for investments in addition to the funds provided under the scheme.
Kumar Doab
(Expert) 02 November 2018
The lender seems to be right and might have already provided you with recourse.
e.g as suggested above.
Vilesh Bondade
(Querist) 03 November 2018
Is it possible to make partiton deed witout original registry, because registry mortguaged with bank,
Guest
(Expert) 03 November 2018
One necessary Party in these type of Partition is Lender though he will not be a Party in this Partition he has the Lien . His Legal Consent and Concurrence would be mandatory.
Guest
(Expert) 03 November 2018
I wonder to know that a Tax practitioner is putting quite vague questions! At first, your question related to PMAY benefit, the next question is about partition of a mortgaged property. What exactly is your requirement is not clear from any of your questions..
About PMAY, you being a tax practitioners, the conditions of PMAY may not be beyond your reach. Must read carefully, rather than asking for hazy questions one after the other without any background.
You have not even stated, which is the plot area, which plan of PMAY you or your client want to avail and what reason was quoted by the bank to decline the benefit of PMAY by the bank. Further, when the property is already mortgaged to bank, you have not mentioned, what for the property was mortgaged and on what ground you want PMAY on already mortgaged property?
So, first be clear in your mind, what is your exact requirement, how you are concerned with the three partners/ property and what for property is already mortgaged with bank, if that be.
Vilesh Bondade
(Querist) 03 November 2018
Joint plot owner has already taken loan from bank for purchase plot and mortgaged plot registry with bank, that time bank assuared to give further loan for construction, being all 3 member joint owner decided to construct 3 flat and partition equal share, now question is if they submit loan application jointly, will get only one subsidy benefit, and if they submit loan application separatly can avail benefit seperatly, bank required partition deed equal share for seprate application, what could be remedy
Guest
(Expert) 03 November 2018
You should know that Home loan and PMAY are two distinct schemes. If loan was taken for purchase of plot and the bank assured for loan that had no link with the PMAY. The bank would have assured for home loan as per their own schemes, not under the PMAY.
Still further, you have avoided to provide most of the information, as I pinpointed through my reply..
Kumar Doab
(Expert) 04 November 2018
IT is good that you are discussing with lender that has charge on property.
The lender and LOCAL counsels might have already opined on deed on basis of the photocopy and approval of loan as assured for construction and eligibility under the scheme for all indivisuals..
You may take help of LOCAL counsel specializing in concerned filed of law e.g; Civil/ banking matters as in your case, and well versed with LOCAL applicable rules, establishment rules, precedence, latest judgments etc …. and worth his/her salt, can advise you and even help you.
Online discussions are not substitute to in person discussions with a very able counsel of unshakable repute and integrity specializing in concerned field of law.
There are such very able counsels at each location.
Check for such counsels at LOCAL: Civil courts, HC, SC …
As a professional yourself, you may be knowing such counsels and may approach them without any hitch, alongwith copies of al related docs/record/inputs.
A good LOCAL counsel won’t render bad advice.
Vilesh Bondade
(Querist) 05 November 2018
Thanks to all for matter discussed
Kumar Doab
(Expert) 10 November 2018
You are welcome.
