Subdivision
Durvesh Aglawe
(Querist) 11 November 2023
This query is : Resolved
I've applied for an education loan from SBI, using our family land as mortgage. My dad bought this land 20 years ago, and he and his friend divided it when they bought it. We have the sale deed, Akhiv Patrika, and property tax receipts. However, the bank is saying they need proof of the land division. This is causing a delay, and I need the loan for my visa application urgently. They're asking for permission from the municipality, but we already have tax receipts showing that the property is assessed, and we are paying property tax, is there a way to resolve this?
kavksatyanarayana
(Expert) 12 November 2023
Your dad and his friend divided the property but the document of partition had to be executed and registered. But it your case the Akhiv Patrika is not in your father's name individually. Hence the bank cannot sanction the loan. You have to produce the partition deed which shall be made among your father and his friend.
T. Kalaiselvan, Advocate
(Expert) 13 November 2023
The bank is insisting on the partition deed in order to ensure that your father is having a clear and marketable title to the property he purchased and got it divided with his friend.
You can prepare the partition deed in a single day, get it registered the next day and furnish the deed to the bank subsequently, this process will hardly take three to four days provided your father's friend is cooperating
