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Vinayak Kadam   15 March 2020

need urgent help on conversation of loan against property to home loan

Hi myself Vinayak. I live in Dombivli.
I have 1 bhk flat on father and my name. on which I have taken Loan against property (equity) of 15,00,000. Now due to my father hospitalisation it's difficult to me to pay emi of 19000.

So I want to convert the same to home loan. I know that it's not possible. but can I sold it to wife and take home loan. I need all help on the same. I am ready to pay all advice charges.


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 5 Replies

Dr J C Vashista (Advocate)     16 March 2020

You can not sell it to any one till you have cleared earlier loan.

However, with the consent of same financier/ banker you may get another/ additional (top up or any other type) l oan against the property already mortgaged.

Dr J C Vashista (Advocate)     16 March 2020

It is better to consult a local prudent lawyer for analyses of facts/ documents, professional guidance and necessary proceeding.

G.L.N. Prasad (Retired employee.)     16 March 2020

Contact the Branch Manager on any grievance day and ask him to suggest a remedy to your issue.  Infact any prudent banker readily provides such guidance to prevent falling of the account to Non performing assets.

Vinayak Kadam   16 March 2020

thanks a lot sir for your valuable reply. it's a best platform who atleast guide people the right way. Common people don't know what to do in such situations. thanks sir

G.L.N. Prasad (Retired employee.)     16 March 2020

When you visit for such meetings take the prior appointment, visit the bank accompanied with a good friend who is having knowledge, get the draft petition prepared in your mother tongue and see that the petition reflects facts only..  Make conversation brief, up to the point and handover the petition for doing needful.  On the office copy of such a petition record, the name of the officer, date of the meeting, matter discussed, their response if any.  Follow up after 7 days, and then go for an appeal to his higher authority after 5 days after meeting and submit the same petition with your efforts at Branch level.


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