loan to pay brothers
manoj
(Querist) 06 December 2009
This query is : Resolved
Hi,
We are three brothers and i am the middle one and we have decided to to share the property aquired by my father and i take the house with the consent of all my family members and pay my two brothers. i need to know if i can get loan for paying my brothers with a gift deed in my name? or pl. suggest which a suitable way and which bank gives me a home loan. awaiting your eager reply.
Regards,
Kiran Kumar
(Expert) 06 December 2009
manoj ji in my opinion, banks will be reluctant to give loan on gift deed only.
if ur family has divided the property mutually then let the ownership be transferred in the respective names so that u can make proper use of ur share.
niranjan
(Expert) 06 December 2009
You must have a document of your father's property.then you may get release deed from your brothers of their shares get it registered and get your name entered in the property register,which will give title to you and then you can ask for loan to pay your brothers.
Raj Kumar Makkad
(Expert) 06 December 2009
Property papers in the name of your father and Settlement made in your favour in writing containing the signatures of your brothers, duly witnessed and notarised containing the term of registration/release deed subject to payment of decided amount with supporting affidavits of your both the brothers as per requirement of the bank are sufficient documents to release the loan in your favour. Bank may even obtain an undertaking from your brothers in this regard.
You can get the loand, can thereafter pay to your brothers and thereafter can get release-deed or setlement deed registered.
adv. rajeev ( rajoo )
(Expert) 07 December 2009
instead of going for the gift deed go for the partition deed and get it regd., it is minimum stamp duty after getting the property in your name go for the loan.
