Kindly please respond to what should be my course of action .
My grandfather owns a property in chennai and my family is a joint family so the property is divided between my father and my uncle and have built a joint house with both family living together in the property which is split in the middle and all four sides of the property for each heir has legally marked boundaries.
I just recieved a offer letter from an university abroad for me to do my masters and so I applied for education loan and thought of providing my Fathers side of the property as a collateral for my education loan .The bank's manager visited the house and then went back,now their legal team are saying that since the house is jointly built they are hesitant to value it as a collateral for my education loan.
I come from a upper middle class family so dispersing the fee required for my education abroad would be really hard and would tax my family and our financial stability so I dont exactly understand what would be the legal issue arising from the property
1) The property is legally registered in my fathers name.
2) Already once my father had pledged and took back the document.
3)The drawing of the property clearly shows the seperation.
4) Since it is an ancestral property I dont plan on letting the property be taken by the bank and so I plan on working part time while I study and pay the loan within three years or so
What should be my course of action should i give them any clause cause i'm sure i would need education loan to study abroad and the property is more than worth for the loan I have asked for any immediate input would be highly appreciated Good Sir's
Regards
Benedict
