MORTGAGE

Querist : Anonymous (Querist) 02 February 2010 This query is : Resolved
Hi
my wifepurchased a DDA flat in delhi through slae deed and later transfered it through Gift Deed to her mother. My mothe in alw ahs 5 daughters inluding my wife, alos of the 5 daughters 2 are unmarried and rest 3 are married.my father in law is alive

i wish to avail a Loan against property on this flat

pls advise if a bank can mortgage this, some of my friends have advised for registered mortgage and relinwuishment deed from all other legal heirs of my mother ina law, they say the ded should be in favour of my wife .

pls advise. is relinquishment deed is possible as reegistered mortgage is expensive.

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Raj Kumar Makkad (Expert) 02 February 2010
The advice of your friends is correct. Until and unless the property is in the name of you or your wife, you cannot avail bank loan over the aforesaid property so a mortgage deed shall suffice.

Bhumik Dave (Expert) 03 February 2010
I m agred vth mr. Raj.

Parveen Kr. Aggarwal (Expert) 03 February 2010
Loan can be obtained even if the property to be mortgaged as security for repayment of loan amount belongs to another person and he acts as surety(guarantor). There is no need that the person obtaining loan must himself own the property to be mortgaged as security for repayment of loan.

B K Raghavendra Rao (Expert) 03 February 2010
The banks have practice of making the guarantor as co-borrower and his property taken as security. You could think of this.

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