Akshit Goel 04 February 2023

Property Transfer Fees

I am a student and I want a collateral loan my grad fathers property.

My grand father is no more but he has already done a registered will in name of my mother, my real brother, my aunt and my cousin brother.

We also have a deed certificate for the same.

I wanted to ask that do we need to pay fees to get that property transferred to my mother and my brothers name so that I can get a loan or can banks use registered will to sanction the loan on that behalf.

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Quick Summary

This discussion explores the necessity of paying property transfer fees when a property is to be used as collateral for a loan. The user's grandfather left a registered will naming several beneficiaries, including their mother and brothers. The core question is whether the registered will is sufficient for a bank to sanction a loan, or if a formal property name transfer is required, incurring fees. The consensus suggests that the registered will and consent from all beneficiaries might be enough, potentially avoiding transfer fees.