Banking
gopal
(Querist) 23 March 2016
This query is : Resolved
x being owner of House had Registered Title of the same in his name.The same was purchased by his own source. later X died leaving being wife and major son & major daughter. That names of such legal hiers are recorded in revenue and Municipal records.
The Legal hiers jointly approach the Bank.Bank refuses to create Equitable Mortgage saying the Title Holder has died and says to do Registered Mortgage.
In my opinion legal hiers are capable to create Equitable Mortgage. Opinion is seeked as to what does the law says to convince the Bank.
Kumar Doab
(Expert) 23 March 2016
The lender shall decide to approve a loan/mortgage.
Of course they have become owner of equals share by inheritance.
You may wait for advise of other experts.
P. Venu
(Expert) 24 March 2016
You may take up the issue with the Banking Ombudsman.
Devajyoti Barman
(Expert) 24 March 2016
Grant of loan is absolute discretion of credit.
In your case if the Bank is not ready make equitable mortgage you can not force it.
Approach another bank then.
Rajendra K Goyal
(Expert) 24 March 2016
You have preferred not to reply my question.
Title documents are not in the name of the person offering equitable mortgage, no court orders directing for such mortgage, there is no reason why Bank should proceed when they can proceed with registered mortgage.
gopal
(Querist) 28 March 2016
Goyal Sir, I am the Advocate with whom the borrower had consulted. Registered Mortgage stamp duty is heavy as its on the loan amount.Bank do can create EM through hiers who are in possession of the Original title Holder in name of deceased being Husband & Father of the Hiers.
