Mortgage of property

SAA_Bombay (Querist) 22 May 2015 This query is : Resolved
Dear Sir, In our Society one of the member have taken loan from 2-3 banks. The security provided for loan was his flat & his own wife who stay in same flat is Guarantor who do not have any source of income. We have queries..
1. We came to know this from some other old member of society (who no longer lives here). The subject member is not disclosing any information to us nor is co-operating in same?
2. Can a person take loan from 2-3 places by keeping same flat mortgaged. How & who will have the original documents? (like Share Certificate).
3. As an MC of society, what precautions / action should be taken by us?
4. Can we put RTI in Debt Recovery Tribunal office?
Please advice.

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Dr J C Vashista (Expert) 23 May 2015
@ Sanjay Mistry,
How you are concerned with the loan by a member of society? In which context you want to know the legal preposition on the query?
There is no illegality in obtaining loan from 2-3 banks against same property and his wife to stand a guarantor.
MC of the society has no role. RTI application may be sent to DRT.

Rajendra K Goyal (Expert) 23 May 2015
Society should ask regarding his I-card copy.
Yes a person can take 2- 3 loans mortgaging same flat.

No need to take special precaution.

Yes within previews of RTI act.

SAA_Bombay (Querist) 25 May 2015
Dear Experts, Thanks for advising us, but we need to know that in case any member takes loan on his flat, does not that member has to inform it to MC. As one of the bank has send a letter to Society long back that property is lien mark with bank & should not be transferred to any person without written consent from bank (this letter was surprise to MC). As DRT has issued attachment notice on this flat, MC should know atleast what is the current status of his loans? becoz few months back this person requested to MC to transfer this flat from his dads name to his mothers name. When MC asked to give declaration that they do not have any loan / liability against said flat he refused to give it by one or the other reason. This makes MC more suspicious.

T. Kalaiselvan, Advocate (Expert) 26 May 2015
MC has got no business to poke their nose into private affairs of their members. If the member is defaulting the loan repayment, the bank will initiate action as per law. Nobody is above law including MC so let the MC oblige law then.