Mortgage property of joint family (one member minor)
Querist :
Anonymous
(Querist) 26 June 2019
This query is : Resolved
Hello,
Can we mortgage our property to bank business CC loan where in Joint Family of Behalf on release deed of where one kid minor without court permission and guardian of minor - Mother, Brother, Sister and Other All are in Release deed Family members are agreed.
Is it possible please guide how is it possible.
Thanks
Guest
(Expert) 26 June 2019
Confirm the Legal Requirement of concerned Banker 's Advocates who would provide the Legal Opinion to the Bank and discuss with them and comply the requirements
Querist :
Anonymous
(Querist) 26 June 2019
Sir,
Bank's Advocate can't find any guideline to clear bank doubt he try to proving, But can you help by giving example/method to help us for clearing this issue Bank and also for My Advocate.
Thanks
Guest
(Expert) 26 June 2019
Normally with out a Prior Permission from Court Minor's Property or Minor's Share in Property Can Not be Mortgaged
Guest
(Expert) 26 June 2019
Normally with out a Prior Permission from Court Minor's Property or Minor's Share in Property Can Not be Mortgaged
Dr J C Vashista
(Expert) 27 June 2019
Hello,
1. Title of the property proposed to be mortgaged is "not" marketable, hence the banks will not provide any CC. How do you claim title of subject property on the basis of "release deed"?
2. You want CC from the bank for your business, therefore, this query is commercial, hence you should seek professional services of a prudent local lawyer.
3. No bank can mortgage property of a minor without prior permission of District Judge where the minor normally resides.
4. An "anonymous" author may not expect obligation of experts as per rules of this platform, disclose your identity.
R.K Nanda
(Expert) 27 June 2019
take help of local lawyer.
SHIRISH PAWAR, 7738990900
(Expert) 27 June 2019
You have to approach district court for permission to create mortgage of minor property.
krishna mohan
(Expert) 27 June 2019
Mortgage can be done only by the owner of the property who has clear title. You have confirmed that minor is the owner of the property. Hence permission of the court will be needed as already advised by experts.
