srinivasa rao (salaried) 10 April 2017

Sale deed on mother's property

Hi,

My mother is having a house on her name and my parents are staying in that house.

My parents have some debt and want to sell the property to clear them.

As a Son, Can I get a sale deed to purcahse the property with a home loan on my name to clear their debts.

I am salaried employee and I have married sister.

Debt is around 25 lakhs and property market value is around 55 lakhs.

As they are old and to relieve their burden, I want to clear their debt.

Can they execute a sale deed sothat I can get a home loan to clear their debt.

Please suggest if any other ways to help them.

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15 Replies

shrenik (lawyer) 10 April 2017

Yes sure you can

Kumar Doab (FIN) 10 April 2017

If the house whose title is on mother’s name, is not mortaged then you can.

If the house, whose title is on mother’s name, is mortaged then you may approach lender/Bank and with their agreement, proceed further.

srinivasa rao (salaried) 10 April 2017

Thanks for the reply. The house is not mortgaged. I approached HDFC bank for home loan. The official is saying sale deed between legal heir will not be accepted for home loan. What documents I need to produce to get a homeloan.please suggest.

srinivasa rao (salaried) 10 April 2017

Kumar Doab (FIN) 10 April 2017

There are so many lenders/Banks.

Try others.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 11 April 2017

Try for Relinquishment deed is a legal document/instrument where a person legally or formally gives up or releases his legal rights of the said property being relinquished in the name of some other person. This is one of the modes of transferring rights of an immovable property.

G.L.N. Prasad (Retired employee.) 11 April 2017

There is a separate scheme with State Bank of India, wherein senior citizens can get a loan against security of immovable properties. They may repay or they may not repay, and in case of default after death, bank has a right to auction the property towards adjusting the amount outstanding.

Go for the scheme.

Kumar Doab (FIN) 11 April 2017

Since your mother is the sole title holder of the property, relinquishment deed is not the option in your case.

srinivasa rao (salaried) 13 April 2017

Can we go for a gift deed on my name to get mortgage loan from the bank

vishal mohod (legal practitioner) 13 April 2017

only construction loan available under this situation, loan for purchase something technically difffcult so apply for construction loan

srinivasa rao (salaried) 13 April 2017

I don't want to go for a construction loan as it will not solve my problem. I would like to go for a joint mortgage loan . Is it mandatory to produce legal heir certificate to bank?

Kumar Doab (FIN) 13 April 2017

If mother is alive then what is the need fo legal heir?

Is it asked by bank?

srinivasa rao (salaried) 14 April 2017

I approached bank, they are suggesting to have it part of documentation. I asked the reason, they are saying to avoid future leagal issues with my married sister. Is really my sister will have a share in my mother's property? I thought I am the only son so I would like to take the sole responsibility of my mother's debts as well as property. Please clarify.