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Manoj Kumar (Administration)     10 January 2014

Selling of one potion of bulding

Hi ,

I have a one storey  Building (Ground + 1st floor) in Bangalore which is 4 years old on 30/40 site dimension.           I have a bank loan on whole building to the tune of 35 lacs. As iam facing hardship to pay EMI , Iam planning to sell the One portion of the house (Ground Floor) & retain 1 st floor. Ground floor has two bedrooms with hall, kitchen & bathrooms & seperate entrance.

Please let me know legal formalities in bangalore to sell only one portion of the house .



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 1 Replies

SKapoor_Lawkonect (Lawyer)     10 January 2014

Hi Manoj Kumar, firstly you will have to get partial release of mortgage which will allow you to take ownership of a portion of the collateral that was used to secure a mortgage. The right to partial redemption from mortgage has been given under Section 60 of Transfer of Property Act and therein it has been clearly mentioned that a property can be partially redeemed by the mortgagor if there is no clause in the mortgage deed against such right. The Calcultta HC in Pranballav Saha and Anr. vs Bhagban Chandra Seal And Ors.(AIR 1934 Cal 775) has upheld this right. Moreover, from your query I can assume that you have entered into a registered mortgage wherein a release letter issued by the Bank shall be registered so as to ensure that the Government Registry gets notified on the fact that a part of the property has been redeemed else if in case there is an unregistered mortgage it is not mandatory for you to get the issue letter registered, but registering such letter under the provisions of Registration Act, 1908 will ensure that it will have a better say in a Court of law as an evidence. Once you are able to get a partial release document from the Bank and get it registered so as to make sure that it doesn’t reflects any encumbrances in the registry you can sell the part of the property you wish to. But the sale deed has to clearly mention the details of the sale and property so as to ascertain that what rights are alienated by the seller.

Regards,

SKapoor,

www.Lawkonect.com,

9555507507.


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