Mortgage loan by banks on basis of will
siri
(Querist) 20 October 2011
This query is : Resolved
1)once probate decree is obtained infavour of beneficiary, then how beneficiary can get mortgage/housing loan on that property by banks since beneficiary did not have any gift/sale deed documents original in her name.
2)since probate of WILL is valid document just like gift/sale deed & also probate of WILL does not require registeration.If this is case,then a) HOW beneficiary name in the Probate decree will reflects in EC in sub register office.. b)i this is case how banks will give information to sub register office about morgage of beneficiary property & how banks can pray in sub register office to reflect that mortgager name in transactions in Encumbrance certificate
Shonee Kapoor
(Expert) 20 October 2011
You first need to get the property registered in your name, using the probate decree.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Devajyoti Barman
(Expert) 20 October 2011
The Probate is sufficient proof of title unless the same becomes revoked.
Now for making your name appear in the Revenue Records you just need to apply for incorporating your names. For this no registration is at all required.
Most of the Banks even on the basis of the Probate grants loan . They even doe not insist on name transfer om the Municipality Records.
siri
(Querist) 20 October 2011
(Book 1 - gift/sale/exchangetransactions..
Book 2 - complaints/refusal for registration transactions by sub register
Book 3 - WILL
Book 4 - GPA/SGPA...
Book 5 - sealed WILL
In EC, only names of executant& details of property reflects that had entered in BOOk no1 and none of the contents in other book didnot reflect & bank will give loan if name was enteed in BOOK NO 1.. NOTE:to enter book no 1,we have to pay stamp duty & registeration fee)
IF above is the case,Then clarify
1) how can I enter my name in BOOK no 1 as clearly law states that mutation of names is free in sub register office with probate decree & same is opposed by registration act stating that names & transactions entered in BOOk 1 in sub register office only after paying reqired stamp duty & registeration fee.Justify which is right
2)If u say stamp duty is must for entering in BOOK no1,then already I have paid stamp duty as per market value of my property as court fee for my shared property for probating the WILL & probate also obtained.Again why it is necessary to pay stamp duty for same property in order to enter my name in BOOK no1..PLZ justify & reply for above questions
NOTE: At present my name & property details are in BOOK No 3 7 I want to enter my name in BOOn no1 with probate decree
Raj Kumar Makkad
(Expert) 20 October 2011
You are required to get probate decree typed on a nominal stamp paper of Rs. 45/- only and get it registered in the office of registrar. On the basis of this registration, your name shall be depicted in book no. 1
siri
(Querist) 20 October 2011
As said by raj kumar makkad,
1)Whether I may take conclusion that after probate of WILL by court in favour of beneficiary,it is sufficient to write contents of probate decree in stamp paper Rs45 and get it register in sub register office and there is no need of paying any stamp duty for registering the property details & owner name in BOOK no irrespective of market value of land.Is it correct
NOTE: Though stamp duty required as per market value for registering name in BOOK no 1 as owner in sub register office,with this probate decree it does not required
