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Rajagopalan (Consultant)     11 May 2014

Mortgage of joint property

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.



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 3 Replies

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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