Vikash yadav (not applicable) 02 August 2012
i have a shop which has been gifted to me by my brother and now i want to take loan on the same but the lawyer of bank denied to give his opinion for equitable mortgage and gave opinion for registered mortgage, why it is so? is any problem in creating equitable mortgage? pl tell...
Surendra Gupta (Banker) 03 August 2012
If the gift has been made by a gift deed duly registered with the Registrar of Assurance(where sale deeds are registered),then there should be no problem for the bank to create equitable mortgage. You have the option to either approach another bank for loan or take up the matter with higher authorities of the bank (Regional/Zonal Manager).
SURESH GODBOLE (ADVOCATE) 05 August 2012
Gifts , donation , transfers , etc are all right
but the simple question is
WHEN YOU ARE LEGAL OWNER OF A PROPERTY
WHEN ITS IS DULY REGISTERED
In my opinion
Gifts can be revoked , taken back, legally struck down by a Court of Law etc without much hassels and are not ABSOLUTE
BUT GIFTS BECOME ABSOLUTE ONLY WHEN THEY ARE DULY REGISTED IN YOUR NAME
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