Reg home loan

Krishna (Querist) 21 May 2019 This query is : Resolved
Hi Experts,

My Father's property of Independent house in a land of 300 sq yards has been in the name of him.As unfortunately he has expired before 15 yrs, we (Myself,Mother,Brother and Sister) applied for Mutation document for constructing a new house. And we have recently obtained "Mutation document".

However, When I have approached the bank for Home loan,they are asking for Sale deed in my name.

Please let me know how to proceed further.

Thanks in advance.

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kavksatyanarayana (Expert) 21 May 2019
Dear querist, your mother, yourself, your siblings have equal rights over the property. So with mutual discussions among your family members, three persons shall release their rights over the property in one's favour by way of registered Relinquishment Deed. Then that person may eligible for home loan.

Sudhir Kumar, Advocate (Expert) 22 May 2019
no other way.

krishna mohan (Expert) 23 May 2019
All of you can draw settlement deed being legal heir and for your portion you can apply for loan based on that. Consult a lawyer specialized on property matters for right advise and drafting of settlement agreement.

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