Property recovery almost sales not mortgage.
JOTHIKUMARAN
(Querist) 13 April 2013
This query is : Resolved
Dear Sir,
My cousin has a land property gifted by her father in 2006, its a cultivatable land of 1.5 acres in andhra pradesh. Now, she would like to mortage it. The worth of the property presently is 15 Lacs. When her father gave her the property, she was married. Now, she had divorce her first husband legally and married to second person.
Since, the second husband is struggling to run the business and family, she herself on own conciousness and willingness would like to mortgage the property. she requested for 5 Lacs of cash to repair her husband business and family.As the property is in her village, the system of mortgage there is that she has to prepare the sale deed document in Rs.100 registered stamp paper. Here in the village, the mortgage system from the private financiers is not acceptable.
They need only a sale deed registration from her name to their name mentioning the amount of selling price. But she does not want to sell the property.
In her point of view, if she pays back the pledged amount with the interest of 3% on or before the end of one year. whether she has got the rights to recover her property or not. Since she is not educated. Can u please advise us for the clauses to recover her property?
Looking forward for your kind reply.
ajay sethi
(Expert) 14 April 2013
once sale deed is executed your cousin is no longer the owner of property . she has received the consideration amount she cannot calim any ownership rights on said property . if she repays the consieration amount it would depend upon buyer whether he wishes to sell her property or not
M V Gupta
(Expert) 15 April 2013
Dont approach private money lenders; approach the Gramina Bank or cooperative credit society who will grant loans to small traders at a concessional rates and against personal gurantees. Even if mortgage is created in their favor they will discharge the mortgage on repayment of the loan amount and interest.
