Saptarshi Paul (Advocate) 12 November 2010
Mr X is 75 years old and has a Land which was gifted to him by his grand father 60-65 years earlier, Mr X had no titile deed on such property as that time he was not so aware of the necessity of Title deed but his name was entered in Mutation, 60 years ago , and he has PATTA in his own name now, he wants to take loan from bank by mortgaging land , so kindly guide me how it will be possible.
Regards
adv. rajeev ( rajoo ) (practicing advocate) 12 November 2010
First it is to be enquired that whether bank is ready give a loan to the 75 years old man. If they are ready without the tittle deed/gift deed they cannot give a loan , they may ask for the another property as a security to the loan.
R.Ramachandran (Advocate) 12 November 2010
If the property was gifted to him, from the Sub-Registrar's office concerned, a certified copy of the gift deed can be obtained. This document, coupled with the mutation in his name would be sufficient documents in his favour.
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