Mohan (NA) 28 August 2016

LAP on Gifted Property

I want to know whether I can get loan against Property based on the following facts. 1. My Father and Tayaji lived together as a joint family on Builder Floor. Which was 2nd Floor. 2. This floor was jointly owned by my Grand Mother and Tayaji. 3. After the death of Grand Mother Tayaji decided to get separate from my Father therefore he decided to sell 2nd floor and get 2 separate house. 4. However we found he lost original Registry(Sale Deed) of 2nd Floor. 5. In order to sell the floor he got Relinquishment deed (RD) in favor of him so he becomes right full owner of 2nd floor. 6. Got certified copy of 2nd floor rigestry and sold the 2nd floor to someone without roof rights. 7. And then on the roof he constructed 3rd floor and gave it to my Father but without any legal documentation. 8. Now we have been living on the 3rd floor from past 3 years but do not have any document which shows it's ours property. 9. I am in desperate need of money but I am unable to take loan against Property because this property is not under my name. Hence I want to know if I get this property transferred to me and my mom as a gift deed from Tayaji what are the complications I will face to get Registry done and then getting loan sanctioned from any bank? Knowing the fact that property is on 3rd floor (without map) which could be unapproved and with no 2nd floor original papers. Which were lost.

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4 Replies

adv.bharat @ PUNE (Lawyer) 28 August 2016

Dear Mohan

First try to convince them why u want the loan.

Then take loan in ur name make co-applicant to tayaji and ur father since property is on thier name.

If u like my suggesation then give THANK on my profile.

adv.bharat @ PUNE (Lawyer) 28 August 2016

Dear Mohan

First try to convince them why u want the loan.

Then take loan in ur name make co-applicant to tayaji and ur father since property is on thier name.

If u like my suggesation then give THANK on my profile.

Mohan (NA) 28 August 2016

Hello Sir , Even if I make them co applicant will bank sanction loan without original registry? As I mentioned above 2nd floor registry was lost and we have no original document for 3rd floor.

Kumar Doab (FIN) 28 August 2016

Certified Copy for Original Lost: Usually newspapaer publication is rleased, FIR is lodged. Hpe both of these are available.

Grandmother's share: It is believed that she was/you are Hindu.

If the Hindu woman has deceased without leaving a valid WILL, her self acquired/earned/absolute property devolves upon; her husband, sons, daughters.........

If your father was the sole hier to your grandmother then relinquishment ded from him alone was sufficient.

In any case if your father has relinquished hisn share by a valid deed then he and hence noone in his family has any share NOW.

Yes your Tayaji can gift 3rd florr, by a valid gift deed.

Provided the 3rd floor is permitted/approved and is per approved valid map.

Nationalized banks have well laid rules.

Even private banks/NBFC have well laid rules.

Rest you may get the facts examined by your own counsel and loan manager of lender.