bank loan

Querist : Anonymous (Querist) 25 February 2010 This query is : Resolved
A is having a house which he wants to mortage to bankto take a loan for business. The house is at the name of his grandmother who is dead and death certificate is available.

My question is that in case can he get any loan?

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Raj Kumar Makkad (Expert) 25 February 2010
The house is question is required first of all to be duly entered in the relevant record in the names of all legal heirs of his deceased grandmother and if all of them are ready to mortgage that house for the loan of A then bank should not feel any problem. Legal heirs can also release their shares in favour of either one of them and he can perform all proceedings as required in mortgage.

Querist : Anonymous (Querist) 26 February 2010
The will is executed in favour of one of daugher in law of the deceased grandmother which is duly registered (and last one too) and other daughers in law and sons have no objection to raise a bank loan.

Then how to persuate bank to give loan.

Kumar Thadhani (Expert) 27 February 2010
First of all if the will is executed in favour of one the daughter-in-law she will have get the will Proated from High-Court,and after receieving the PROBATE order from the court and then will approach the bank for loan against the mortgage of property.

Querist : Anonymous (Querist) 28 February 2010
may I know what this PROBATE means?

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