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Kumar Singh (     11 August 2011

Mortgage loan on joint property

Hi ,

I own a Commercial Property which is jointly owned by me (80%) and a third party (20%).

The Commercial Property can be described as the 1st Floor of a Commercial Complex which is given on Rent.

The Floor Plate is Undivided and is occupied by a single tenant.

I wanted to know if i can take mortgage loan on the 80% share of my property without the signature of the third party.

Presently the floor is not physically demarcated as to which portion is owned by me or the third party. 

Looking forward for guidance.


 6 Replies

Alok Tholiya (self employed)     11 August 2011

Pl. some one reply as I will like to know too.

adv. rajeev ( rajoo ) (practicing advocate)     11 August 2011

without demarcation fianncial institution wont lend a loan to you.

murugesh iyer (sr.manager - legal and secretarial)     11 August 2011

You are required to show the title papers pertaining to commercial property which is owned by you i.e.80%. Also you have take no objection from the third party who is owning 20%. Also give genuine reasons for obtaining mortgage loan from any financial institutions.

I also suggest you to check with any property lawyer before approaching a financial institutions for safer side.




murugesh iyer


Triloknath l pandey Adv. (Legal Officer.)     11 August 2011

first of all approach a bank and take there advice but if bank ignore you approach a society they can help you.

Adv. Anand P. Dawalkar (Proprietor)     12 August 2011

In my opinion while mortgaging the joint property signatures of all the joint owners are required on the Deed of Mortgage and other documents. The Joint Owner can put a covenant in the document that he shall be liable only to the extent of his share in the property .


Adv. Anand

Kumar Singh (     12 August 2011

Thanks you all for your replies.

I am willing to take responsibility for the entire amount I wish to take as O/D based on the market price of my share of property and keep the joint holder free of any liability. Still Will I have to take the signatures of the joint holder??

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