Hi, need urgent help on this issue:
"F" has gifted his self owned property to his children A, B & C in equal proportion and by the virtue of execution of gift deed, A, B & C have become owners of the property. The revenue records also reflect their names in common.
Now, A, B & C are interested to construct three flats respectively in the above said property. They approach bank for ascertaining loan. However, the bankers insist that a partition deed be executed and registered by A, B & C with clearly defined shares against their respective names so that the bank can disburse the loan in three different names relying on the partition deed.
Is this a viable option to secure bank loan? If so, what would be the cost involved for registring a partition deed in case the property is situated in Karnataka?