Sharing property right with father
Vikas
(Querist) 10 March 2015
This query is : Resolved
1. I have a self acquired flat (lease hold) in Greater Noida, taken possession in 2010 and registry done in 2011.
2. In 2007 I had taken a loan of 15 lakh for 15 years and the EMI commenced immediately and till date 80 instalments have been paid and balance are 100.
3. My father retired in 2000 from a PSU without any property and neither does he have any ancestral land/ property being a refugee post partition (1947).
4. His only investments are his children and we value his sentiments. Hence, we included his name in during the registry of our flat.
5. I have one younger brother and a younger sister (both married) who do not have any problem and see this as our gratitude to our parents.
6. However the loaning agency has now in 2012 raised objection to his being included in the registration and are asking for a gift deed or relinquishment deed in my favour to avoid problem in future.
7. My loan is insured and I have assured the loaning company that I can provide a registered will from father if required but a gift deed will unnecessary complicate matters and vitiate sentiments.
8. They do not agree . What is the way out.
Guest
(Expert) 10 March 2015
First of all the loan granting company cannot compel you to get a gift of property from your father. It was incumbent upon the company to verify the needful and to complete all necessary formaties to fullfill the eligibility requirements.
Secondly, the sole discretion lies with your father whether to gift you his part or not.
Kumar Doab
(Expert) 10 March 2015
Agreed with Shri.P.S.Dhingra.
It is believed that all communications of the lender are verbal/telephonic and are not in writing.
The contention of the lender is that it can have charge to half of the property only in case of loan becoming NPA.......
You can remind them of regular payments in the past and assure them of our paying capacity and regular payment.
You can also get the property valued by some approved valuer and establish that value is much higher than it was valued in 2007.
You have the option of transferring/take over of the loan to any other lender at negotiated rates.
Rajendra K Goyal
(Expert) 10 March 2015
It seems the property was in your name and loan was taken / repaid by you and afterwards you added the name of your father, if so how the name was added, whether by gift deed or otherwise? However, in such conditions, Bank would not agree to permit any third party interest creation during the loan.
If the name existed at the time of loan, Bank should not object and can not ask to have gift from your father.
However, you can switch over the Bank and take loan in joint name by liquidating outstanding of the present Bank.
Vikas
(Querist) 10 March 2015
Sir Thank you for your valuable inputs.
With respect to additional issues highlighted in your replies, I would like to add :-
1. I had booked the property from govt housing society (AWHO) as only I am eligible being employed in the said department.
2. We received possession of the house in 2010. Subsequently, the Registration was done jointly in my name , my wife's name and my father's name in 2011 after possession in 2010 as per normal procedure.
3. The loan was processed in my name from the govt agency again on eligibility issues and the EMI had commenced immediately on dispersal wef 2007.
4. The names of my wife and my father were not there when the loan was originally processed in 2007 since it was a departmental loan.
5. The loaning agency has no objection to my wife being joint holder but only for my father and they have cited some departmental rules.
6. I do not ave a copy of loan sanctioning documents to see if such restriction was there when I processed the loan.
7. Can the loaning agency impose a penalty as informed by them. I can ask my father for a registered will. Will it satisfy the legal issues. Can I seek a stay or injunction if the loaning agency imposes a penalty.
8. Kindly advise.
Kumar Doab
(Expert) 10 March 2015
You may obtain the rules for departmental loan at the time of sanction, current rules,loan application, loan sanction,loan agreement etc, conditions for imposition of penalty,insurance for loan etc to an able lawyer well versed with departmental rules as well and proceed further......as suitable in this matter.
T. Kalaiselvan, Advocate
(Expert) 13 March 2015
The agency granting loan is absolutely right in asking you to be an absolute owner with your wife being a joint borrower or guarantor, however your father is not a co-applicant for loan hence it was suggested that he may relinquish his rights in the property in order to grant loan as per procedures and conditions.
