Mridula WS (dr) 10 March 2015

Mortgage of parents property with an existing will

Dear Sir/Madam, I would like to know if there is a registered will exist for a property (house) owned by my parents can be mortgaged for taking an educational loan (abroad studies) for my brother? We are three siblings, elder two daughters and youngest one son. We daughters are married but we did not get any financial assistances for our marriages (another story of financial problems) and the only thing now left in our parents name is a house. We want the property to be divided into three of us in future and I proposed my siblings to ask my parents to make a registered will about the same (to avoid future disputes). However, my brother says if there is a will exists for that property, then he cannot use that property to take an educational loan? Is this true? Thank you in advance,

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3 Replies

Jayashree Hariharan (Advocate) 10 March 2015

It depends on whose name the Will is, and to what extent the person/s get the property

Mridula WS (dr) 11 March 2015

Originally posted by : Mrs. Jayashree Hariharan
	It depends on whose name the Will is, and to what extent the person/s get the property

The 'will' will be in our names (three children of my parents)and will be stated as ' after their expiry, the house will be divided upon the three children'.

T. Kalaiselvan, Advocate (Advocate) 12 March 2015

A property bequeathed by a Will can be acquired by the beneficiary only after the Will is acted upon when it comes to force, i.e., after the demise of the testator. Therefore there is no question of title to the properties as of now while the said Will has not come into force at all. Thus since the title remains with the owner itself, the owner of the property if desiring to pledge the property, he cannot be restricted from doing so.