Availing of housing loan on joint property
Ashok Kumar Sharma
(Querist) 28 June 2018
This query is : Resolved
Dear Sir,
One of my known person own a residential plot in the name of himself and his daughter, who is 17 years old i.e. minor as on date. He has constructed the house from his own funds. Now some work is still to be done but he is not having funds. Hence wants to avail housing loan. Kindly guide, property can be mortgaged. If yes under which section/rule and competent authority if any legal permission is required for mortgaging the property.
Regards,
SHIRISH PAWAR, 7738990900
(Expert) 28 June 2018
Property can be mortgage under Transfer of Property Act. Society permission will be required if property is in society.
Ashok Kumar Sharma
(Querist) 28 June 2018
Sir, the property is governed by local development authority i.e. JDA/Municipal Corporation, Jaipur. Please state section/sub-section also under which the authority can grant permission.
kavksatyanarayana
(Expert) 28 June 2018
Permission is not necessary if no due are pending to JDA/Mpl.Corpn. He can avail loan mortgaing his property. he and his daughter shall sign in the mortgage deed.
Vijay Raj Mahajan
(Expert) 29 June 2018
Bank will provide housing loan on the basis of mortgaging the property. The complete set of documents including the registration of the land on which house is being built will be taken by the bank. The name of both parties who are showing as co-owners will be made parties to housing loan. The bank will check the CIBIL rating of the main applicant or the father and if the rating is at good level above 7.5 than getting loan will be easier.
Ashok Kumar Sharma
(Querist) 30 June 2018
Shri Kavksatyanarayana and Vijay Raj Mahajan Ji the co-owner of the property is minor then how he/she can sign documents with the bank for mortgage of property and loan documents. Please clarify.
Regards,
Vijay Raj Mahajan
(Expert) 30 June 2018
Father being natural guardian will sign on behalf of minor daughter.
Guest
(Expert) 30 June 2018
No guardian Would be legally eligible to do any transaction on a Property where A Minor is an Owner Or Co Owner.
Guest
(Expert) 30 June 2018
Court's Permission would be mandatory in such transactions.
Guest
(Expert) 30 June 2018
If 'Bank's Legal opinion over looks it they are obviously committing an offence.
Guest
(Expert) 30 June 2018
Better Discuss with local good advocate who could get the Court's Permission at the earliest basing on your Urgency
Guest
(Expert) 30 June 2018
Better Discuss with local good advocate who could get the Court's Permission at the earliest basing on your Urgency
Vijay Raj Mahajan
(Expert) 30 June 2018
Better contact your bank for complete details with regard to housing loan in your case.
The truth about the age of your daughter, 17 years who is co-owner of the property be told.
The bank through its legal department will give you correct opinion about the documents required in the case.
For every small issue you need not go to court as you are natural guardian of your daughter, if you were not natural guardian permission of court would have been required.
If for all reasons a father is asked to go to court for taking permission for his wards whose natural Guardian he is under the law than courts will be filled with unimaginable number of court cases.
Guest
(Expert) 30 June 2018
Dear Querisst, Availing a Loan on minor;s property is not a small issue both of you , your self and bank could land in major troubles if objections are raised by the minor once becomes major.
Guest
(Expert) 30 June 2018
The Hindu Minority and Guardianship Act 1956 clearly states No transaction of a Minor's Property could be done with out Court's Permission and even the Parents are Not Excluded in that.
Guest
(Expert) 30 June 2018
The Guardians and Wards Act 1890 also confirms the same.
Guest
(Expert) 30 June 2018
Court's Permission is mandatory and a must for any transaction in Minor's Property. Other wise it would be nothing but a Criminal Offence
Guest
(Expert) 30 June 2018
Real People visiting the Courts would know the facts better.
Guest
(Expert) 30 June 2018
Dear Author , Refer the Supreme Court Judgement Pronounced by Honorable Justice Sudhansu Jyoti Mufobadyaya on 25th Nov 2013 in the Case of Saroj Vs Sundersingh and others in Appeal no 10582 of 2013.
Guest
(Expert) 30 June 2018
The Appeal was made by the daughters against their own mother who disposed the minor children's property with out the permission of the courts.
Guest
(Expert) 30 June 2018
The Supreme Court decided and declared the Sale is Void
Ms.Usha Kapoor
(Expert) 01 July 2018
Agree with Vijay Raj and Narasimha.
