Request Legal opinion on Loan against Property

A property was acquired by two brothers through Will from grand parent. The property division was not done. Can a bank extend loan to one party without consent from the other, using the original documents which has the deceased buyer name? In case of default in payment by the borrower to the bank, what happens to the document and property? What happens to the rights of the second beneficiary of the Will? more  

View all 31 comments Below 31 comments
No bank will sanction loan to one of the joint holders of any immovable property against security thereof without written consent of the other holders. However, it is better to consult with your bankers. more  
Loan corresponds to name on the property and suitability of owner in his earnings or repayment capacities.No bank financial institution give loan to sell property more  
The mutation of property in the names seems not have taken place.
Unless mutation takes place the person cannot apply loan from bank as the property is not in his name.
Now the question of share in property, in case of dispute probation of will has to takeplace , ehere the court will decide the share among beneficiaries.
Thus unless the above issues are sorted out any action upon the will may lead to disputes. more  
sir, Generally loan cannot be granted without the consent of the other. If so and there is a default, the financial institution can take action against the defaulter. The property for half the share of the borrower alone can be taken for the default. Which half can be decided by the parties or the court. more  
Post a Comment

Related Posts

    • SELLING SECOND HAND VEHICLES

      What precautions are advised for me at the time of selling my old vehicle?. It appears that name change with RTO takes a longer time and in the meanwhile should there be a misuse of the vehicle. Wh...

      By VIJAYKUMAR N
      /
    • seek protection against a lawyer who controls District court , High court , police, local govt admin

      This is very serious case where a widow of Kargil war veteran, Ex-Teacher got continues harassment, beaten, tortured, threatened, abused and was falsely implicated in various sections 307,324,341,4...

      By Inder Negi
      /
    • New Housing Society's Mafia action

      Hi, I have a shop in Mumbai in a new building which after quite a long period of time could manage to form the Society. However, without forming Society the Adhoc committee had been charging the ma...

      By SUBHASH CHAURASIA
      /
    • Are we ready to face rains in Delhi

      There's illegal structures everywhere and no solutions in sight Sealing process is slow due to less manpower and more opposition from leaders who oppose because opposition has to speak against...

      By Dr. Neelam Nath
      /
    • CANCELLATION OF REGISTERED SOCIETY BY REGISTRAR OF SOCIETIES( ROS)

      It is observed on perusal of Societies Registration Act 1860 (SRA), that power to cancel registration of a society, once accorded or certificate of renewal issued, on the ground that it has been ob...

      By Paramjit Singh
      /
    • Reward for us,by Modi if we reveal benaami properties

      Aaj tak news We may or maynot be interested in Crores It's our duty to keep Delhi clean and free from illegalities Builders are becoming like mafia Who fear none They've big ...

      By Dr. Neelam Nath
      /
    • Squatters in Delhi made rescue of Metro difficult

      Yes there was huge 🔥 fire at Shaheen Bagh New Delhi and there were lots of squatters in and around the affected area It made lives of people difficult It made jobs of 🔥 fire safety depart...

      By Dr. Neelam Nath
      /
    • Landmark judgement about cancelling RERA licence

      Occupancy certificate is called OC Based on OC,builder wanted to complete the project. He hadn't obtained from the government, Maps approval before construction Completion certi...

      By Dr. Neelam Nath
      /
    • Occupancy of our common cellar area by KALKI bhagavan in our apartment

      We are residents of Sri KALKI GARDENS in Hyderabad which was constructed in 2002. While constructing he built up a big hall the cellar and when asked by the buyers he mentioned that it is a dhyan m...

      By Jayprakash Pamu
      /
    • Capital Gains Tax on Property

      My mother, aged 76, a bonafide cancer patient and currently bed ridden, has sold a residential property. In what time frame, another ready built property can be purchased, so as to avoid...

      By BHARAT BHUSHAN CHUGH
      /
    • Correction in Khasra No. of my House

      I inherited a house from my father at Varanasi and now I am planning to sell it . I contacted a Lawyer to see my papers etc. , After examining the papers , Lawyer told me that Khasra No....

      By HIRA SRIVASTAVA
      /
Share To
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)