Succession certificate
Mohd Ahmed
(Querist) 03 January 2014
This query is : Resolved
Do I need succession certificate as the property is in the name of my father and my mother and property is in Gurgaon, now my mother is no more and me and my father want take a Loan against that property from a bank and they are asking for succession certificate. if there is any other wayout plz let me know I will be very thankfull to you. (I am the only Legal heir of my parents.) - Ahmed - Gurgaon
ajay sethi
(Expert) 03 January 2014
bank wants to play safe .since your mother died intestate ie without a will obtain succession certificate and have property transferred in name for legal heirs
Mohd Ahmed
(Querist) 03 January 2014
is family settlement deed resolve the issue? because as per my knowledge obtaining a succession certificate will take approx 6 to 8 month
Simi Salooja
(Expert) 03 January 2014
Since it is the bank that is demanding the same.. you have deal with it on personal grounds. try to provide the bank with all other necessary documents, and also an indemnity bond, where your father and yourself can indemnify to bank for any losses.. and also assure them that in the mean while you will provide the succession...
this looks difficult, but you can surely try.
Regards
Adv Simi
Mumbai
9967642220
Rajendra K Goyal
(Expert) 03 January 2014
Succession certificates are granted for debts and securities of deceased and not for immovable properties.
Take a heir ship certificate from the local tehsildar office and get the share of property of the deceased mutated in the name of all legal heirs.
Tell the Bank that succession certificate does not cover the immovable property and they can get the signatures as guarantors of all the legal heirs.
Guest
(Expert) 03 January 2014
Well Advised by MR.R.K.GOYAL
Anirudh
(Expert) 04 January 2014
Dear Mr. Ahmed,
There are no short cuts, especially when you want to take loan from a Bank or any other Financial Institution.
You have to make an Application for grant of Legal Heir certificate to the Office of Tehasildar of your area.
In the said application, you have to indicate all the names of legal heirs like the name of your father, you and your brother(s)/sister(s) name, and indicate the nature of relationship with your mother. For e.g. husband, son, daughter etc.
After verification, the Tehasildar's office will grant you the Legal Heir Certificate.
As the property is that of the muslim female, her share i.e. 50% in the property (as your father would be having the remaining 50% share)your father will get 1/4th share. The remaining 3/4th share will have to be shared between you and your brother(s) and sister(s).
However, from the query it appears that you are the only son in the family and that you don't have any brother(s)/sister(s).
If that be so, then the remaining 3/4th share of your mother's property (which is 75% of 50%) will go to you.
On the basis of the legal heir certificate, you have to get the property mutated in your father's and your name.
Thereafter, you can apply for the loan against the property. Not before that.
