kumar (NIL) 25 February 2013

Minor property

Dear Experts,

Am working with a financial institution (loans)

Need a clarification about Minor Property. Property has registered by her father through a gift deed on daughter's name (daughter is Minor's - 15 yrs) in 2009, at the time of registration her age is 15 years. Now she has came for a Property loan on the same property. Now here her is age 19 years. Can we take that colletral which is registered on Minor's name. If we take that property what kind of problems will occur in future and what is the solution for the same? If we won't take that, what is the reason for not taking that colletral?

Clarify ??????

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1 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 26 February 2013

a father gifted his property to his minor daughter. at the time of gifting the property it may be handed over to the guardian of the minor. now the minor daughter became major. so she can transfer or mortgae the property. if still you have doubt, obtain her guardian's signature.