mortgage loan

Alapati Nagaraj (Querist) 03 January 2011 This query is : Resolved
my father expired recently and property is being partitioned among brothers, sister and mother equally.all are staying together and is a kind of joint family.can we go for mortgage loan or loan against property? can we mortgage loan from any bank.

please advise

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Y V Vishweshwar Rao (Expert) 03 January 2011
After Registration partition Deed - You will get a Regd Partition Deed / or/ a Regd Copy of Your Partition Deed - ( Your Regd Partition deed Copy - Original/ First /Second /Third etc Regd Copy for each party) you can Create Equitable Mortgage with Your Regd Partition deed ! In Partition Deed there will be number Regd Copies Registered along with Original to be mentioned in the Partition Deed according to the number of parties/Share holders allotted the part of the property

Khaleel Ahmed (Expert) 03 January 2011
All of the successors of your father can mortgage the property to any Bank with mutual understanding as the property is joint and the loan liability shall be jointly.

s.subramanian (Expert) 04 January 2011
Even before partition,all of you can join together and mortgage the property by executing a registered mortgage deed jointly.

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