Flat on Loan

Querist : Anonymous (Querist) 03 November 2010 This query is : Resolved
Dear Experts,

A flat is to be bought by Son, his Wife and Father by taking bank loan by all the of them in Mumbai. In case the father dies in the future, who will be the lawfull owner of the Flat, the Son and his wife or the entire legal heirs of the father?

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Arun Kumar Bhagat (Expert) 03 November 2010
The undivided 1/3rd portion of the father shall devolve to his legal heirs.

adv. rajeev ( rajoo ) (Expert) 03 November 2010
If it is purchased jointly by father , son and mother it amounts joint property. the other legal heirs will get their share along with the joint holders equally in the deceased father's share.

s.subramanian (Expert) 03 November 2010
Yes. I agree.

Parthasarathi Loganathan (Expert) 03 November 2010
As long as the bank loan is outstanding irrespective of the fact that one of the borrowers expire during the currency of loan, and since the flat must be mortgaged to the bank, only the latter is the owner. On closure of loan, the ownership stake is decided based on the succession certificate issued by the court.

Kirti Kar Tripathi (Expert) 04 November 2010
So for as right of legal heirs are concerned i am agree with experts. As regard to view expressed by Mr. Parth is concerned, the position will not changed as it was prior to the death of one of the owner of the property and all the legal heirs shall be liable to pay the debts of deceased as after the death of a person rights and liabilities of deceased will go to the legal heirs.

R.Ramachandran (Expert) 04 November 2010
Since the Flat is registered in the name of the son, father and daughter in law, all will be having their respective shares in it. In the event of any one of them dying, then the respective share will go by inheritance in favour of the legal heirs, in case there was no WILL left.