Housing loan - legal heir certificate
nasheva
(Querist) 11 January 2012
This query is : Resolved
I had applied housing loan from a bank in Chennai. Their legal dept is insisting for me to get the legal heir certificate for the property i had bought in 2005. The property was sold by a power agent, after getting a PoA from 4 grandsons of a deceased person, in whose name the land was. The father of the 4 sons is also deceased. Now when i contacted the power agent, he is not co-operating in getting me the Legal Heir Certificate & my loan application is hanging in balance. What shall i do now? Is there any other way out?
adv. rajeev ( rajoo )
(Expert) 11 January 2012
When you have got regd., sale deed in your name there is no necessity of legal heir certificate of deceased..
Advocate. Arunagiri
(Expert) 11 January 2012
Mr.Rajeev,
The author is demanding legal heir certificate from the seller. Because the banks are insisting many documents to check the ingenuity.
Mr.Nasheva.
You can send notice to the POA and the Principal demanding the legal heir certificate.
Devajyoti Barman
(Expert) 11 January 2012
The abnk is rightly asking the same.
However if it is not co operating then legal recourse is the only solution though it should be avoided.
R.Ramachandran
(Expert) 11 January 2012
There can be no legal course in this regard. By legal means, the bank cannot be compelled not to insist on legal heir certficate.
By legal means, the seller cannot be now compelled to produce the legal heir certificate.
Raj Kumar Makkad
(Expert) 11 January 2012
I completely agree with the views of Ramachandran hence nothing remains to be added therein.
Deepak Nair
(Expert) 11 January 2012
You can produce the extracts of mutation entries in the revenue records of the government with respect to said land which will prove that the sellers were the original owners of the land.
If the bank still refuses, you can contact any other bank.
ajay sethi
(Expert) 11 January 2012
bank wants clear title . without clear title to property bank wont give you loan .
Sailesh Kumar Shah
(Expert) 11 January 2012
I would like to say same as Mr.Deepak has told.
Devajyoti Barman
(Expert) 11 January 2012
Granting of loan is the CREDIT pOLICY OF THE bANK AND ITS INSISTENCE ON ANY DOCUMENTS IS ITS ABSOLUTE PREROGATIVE.
If you do not comply then it is upto the bank to grant loan or not.
nasheva
(Querist) 12 January 2012
Thanks all for your responses.
Mr. Deepak Nair,
Is the extracts of mutation entries in the revenue records of government, similar to EC(Encumbrance Certificate)? Also kindly let me know, how & where it needs to applied. I am in Chennai.
Thanks
RAJU O.F.,
(Expert) 12 January 2012
Mutation entries or revenue records will not serve your problem. The lender bank has to confirm as to whether the vendors of the property had legal right to sell the property in favour of the borrower. In your case property is already purchased by you, without confirming the legal heirship of the deceased owner and hence you have purchased the property at your risk. Bank will not be ready to accept such risk of somebody else claiming a share in the property later. Normally banks give housing loan before and for the purchase of property and not after already purchased a property by the borrower. All the traditional bankers would insist production of such essential documents for processing the laons. If the bank you approached did not consider your request, you may try at new generation banks, who take all types of risks.
Deepak Nair
(Expert) 12 January 2012
The revenue department keeps all the records of a land. When a land is trnsfered from one person to another, by way of sale, gift, partition, succession or whatever the case may be the same is updated in the revenue records by way of MUTATION and these mutations are numbered.
You shall approach the office of Tahsildar with the details of your land (Survey No. etc) available with you to get the said records.
If you are able to get the sam, then this will be helpful for you to gat a loan.
