Rajagopalan (Consultant) 11 May 2014
I jointly own a residential ground with 3 of my brothers. Towards higher education expenses for my sons, I would like to mortgage my portion of the property (undivided) and take a loan from the bank. Can I do the same unilaterally without involving my brothers, as they are not cooperating with me. Kindly advise. Thanks.
K.K.Ganguly (Advocate) 12 May 2014
1. No. You can not mortgage the entire joint property with out the consent of your brother being the co-sharer of the property,
2. For getting the loan from the Bank either you shall have to convince your brother to be the co-mortgagor alongwith you or
3. You shall have to partition the property & create mortgage on your share of the property.
T. Kalaiselvan, Advocate (Advocate) 12 May 2014
You can mortgage your undivided portion of share in the property, there is nothing wrong i it, provided the bankers accept the same.
K.K.Ganguly (Advocate) 12 May 2014
Banks will never mortgage undivided share of a property since security interest on the same can not be enforced by the Bank easily in case the loan account becomes NPA & the Bank has to initiate SARFAESI proceeding against the Borrower to realise its outstanding due.
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