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jay   25 January 2018

Property papers with bank

dear sir 

 

my relative mr pawan sharma accuired a home on loan by lic housing finance ltd with his wife joint name , his wife co applicant for loan. previous year mr pawan sharma died. his wife pay all installment  loan in august 2017. after complete loan amount lic housing finance refuse to give property paper , they ask for succesor certificate , help me sir provide what can we do for receive property papers , his wife have no income source now , relatives help for daily basis , please provide important suggestions



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 8 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     25 January 2018

Apply for succession certificate from the court by approaching a local advocate.

R.Ramachandran (Advocate)     26 January 2018

Legal Heir Certificate of Mr. Pawan Sharma has to be obtained.  If his mother is alive, then she along with the wife of Mr. Pawan Sharma has to approach the Bank for getting the Original Documens of the property. If according to the Legal Heir Certificate, if Mother of Mr Pawan Sharma is not alive, then the widow of Mr Pawan Sharma alone can get the original documents.  But in either of the situations, the Bank has to satisfy on the basis of Legal Heir Certiicate about the legal heirs of Mr. Pawan Sharma.

G.L.N. Prasad (Retired employee.)     26 January 2018

Contact Advocate first and get confirmation as to wife has sufficient inccome and after death of her husband she has repaid the loan out of her personal income.  As far as I know, it is in order to return the title deeds to any one of the joint parties, it is not Bank's duty to locate correct heirs and deliver the title deeds to them.  This is great injustice.  Even in case of joint accounts, if one party expires, bank simply obtains a death certificate and pays the amount to other.  Succession rules are not for Banks/insurance companies .  This is the very purpose nomination is introduced to prevent harassment by Banks/ insurance companies..   Mere handing over title deeds can never create exclusive ownership.

There are several precedents in courts.  Help her in finding such earlier judgments against banks insisting such idiotic, self invented rules to harass innocent and help less widows.  First issue notice and get all documents obtained from the borrower, there must be some clause that states on such return of documents.

Also search in google and find out the obligations on discharge by lender in Joint borrowal accounts.

Also keep correct caption for query to avoid confusion.  Bank is different from Housing finance company.

Sri Vijayan.A (Legal Consultant)     26 January 2018

Get Legal Heir Certificate (LHC) from Tahsildar.

Approach the LIC HFL along with the LHC.

jay   26 January 2018

sir its long process , how much cost if apply for certificate , finance postion poor sir , any alternative way 

jay   26 January 2018

sir its long process , how much cost if apply for certificate , finance postion poor sir , any alternative way 

G.L.N. Prasad (Retired employee.)     26 January 2018

First understand what was advised, and then make some enquiries and then decide.   Legal Heir certificate costs may not be more than Rs.100/-  If you can not afford expenses beg, borrow or steal to get back your hard investment.  Contact Legal Services Authority.   To my knowledge all such borrowal accounts are linked to life insurance schemes with a nomination clause in the name of Bank &  borrower's Name.

There were several alternatives given and explore atleast one that is cost effective.

jay   29 January 2018

thanks sir 

 


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