Loan against ancestral property

ishaan sharma (Querist) 25 July 2013 This query is : Resolved
An ancestral property has 4 co-owners. Can one of the co-owners take loan against property without consent of other owners.
The property came from great grand father( sale deed was in his name)which died to grand father , which now has 3 children.

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adv. rajeev ( rajoo ) (Expert) 25 July 2013
Without dividing the property by metes and bounds one of the co-parceners cannot avail the loan. Other co-parceners consent is required.
In whose name sale deed is?
If it is in the name of a person who is trying to take the loan, he can avail the loan.
If it is grand father's property then you have to prove it that property was purchased in his name, by filing a suit for partition and seperate possession.

R.K Nanda (Expert) 25 July 2013
no, he cannot take loan without NOC from other 3 co-owners.

ishaan sharma (Querist) 25 July 2013
the sale deed is in grand father's name,
so he can take loan without our consent?

ishaan sharma (Querist) 25 July 2013
can the grand father take the loan without the partition of the ancestral property? though, sale deed is in his name now.

2. can we stop him taking loan without partition of our share?

Raj Kumar Makkad (Expert) 27 July 2013
As per your query grand-father is still alive and the property is his self acquired then none can stop him to take loan over that property.