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Gowda (Manager)     04 January 2014

Can i get partition/possession with original papers in bank

My father and mother expired leaving no WILL behind for the property and the property has homeloan with me as co-applicant. Original property papers mortgaged/pledged as security with bank for securing loan. My brother who stays in the property has rented out all houses without my consent (rent agreements duly signed by him, also taking huge advances from tenants and has one house on 3 year lease all un registered) rent collected from tenants not shared with me and also  defaulting  paying the EMI (earlier collected from rent and paid when father and mother were alive) Defaulting/overdue of EMI affecting my CIBIL score,etc.  Property taxes not being paid regularly, property not maintained well. I have spent money during construction and as co applicant, now not willing to pay for the outstanding loan for bank towards property from my pocket. Rent currently getting is 4 times of the EMI to be paid for bank. What is the best action i can take to get the possession/share/evacaute tenants, if legally possible



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 1 Replies

Kumar Doab (FIN)     04 January 2014

 

It is believed that you are Hindu.

 

 

 

You and your brother being classI heir have equal right in property.

You may demand equal share in rental income from property, from your brother.

 

You are co applicant in loan. You are liable for payment of loan.

 

Involve elders and well wishers and convince the brother (other ClassI legal heir if any) to come forward and share the rental income and to share/partition the property.

 

Since you have borrowed you may pay the loan. You are entitled to get free of cost, the authenticated/certified copies of all documents pertaining to loan e.g.

 

·         letter of offer

·         copy of filled in loan application

·         copy of loan agreement

·         terms and conditions governing the housing loan

·         other documents such as schedule of fees and charges

Banks are required to give authenticated copies of documents executed by you free of charge. (cf. para 8.11.1 of Code of bank’s Commitment to Customers)

https://www.bcsbi.org.in/FAQs_HousingLoans.html

You may also get copy of registry of the property from the bank.

 

The elders can draw a fair proposal acceptable to all.

 

If the amicable resolution is not possible approach your lawyer and proceed under the expert advice of your lawyer.

 Since you are owner of the property you can exercise all rights of the owner.

 

 

 

 

 

 


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