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Srinivasan Civil   28 August 2021

Tranfer of property of deceased.

A home is under mortgage loan. The owner is my father. he was deceased. The loan is in my mother name. We have no other option than selling the home for repayment of loan. But no one is coming forward to buy the home as it is in my father name. We have no money to repay loan and no insurance. What can i do to transfer the home to my mother name? Please answer.


Learning

 2 Replies

Kevin Moses Paul   28 August 2021

Essentially, a sudden demise of a loved one is a very heartbreaking issue and a great personal loss to the family. However, the issues also creates financial hindrances especially when the deceased was servicing a home loan upon the property, and the family is not in a situation to pay back the installments for the same, which is exactly the same situation that you are currently dealing right now.

Usually, in such situations the bank asks the borrowers to buy a home loan insurance policy which is relatively distinct from a home insurance. The major difference between the both is that while home insurance covers the contents of an individuals house and its structure, while on the other hand the home loan insurance basically covers the the risk of situations if in case the borrower of the loan dies of natural causes.

As per your case you need to follow as per the instructions given below in order to transfer the house from your deceased fathers name to your mother's name.

  • First and foremost is that you need to apply for mutation in your mother's name,
  • Enclose and attach your father's death certificate,
  • property can be transferred through a relinquishment deed or gift deed from other legal heirs,
  • If there's no problem from the legal heirs side (since you're a legal heir too), then the property would be mutated into your mother's name,
  • now, your mother is eligible to apply for letters of administration from court,
  • a consent affidavit by other legal heirs (i.e. you and any sibling) shall be executed with an intention to relinquishment of their interest from father's property, and
  • when there will be No Objection from legal heirs the court would issue letters of administration in your mother's name.

Hope It Helps!

 

Regards,

Kevin M. Paul

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{Balu manikantan} SUBRAMANYAM (Practising Advocate)     30 August 2021

Get a legal heir certificate from local court by which you can sell property easily. You can enter into an agreement with the intended buyer, he will clear loan and you will register property on the buyers name. Approach a lawyer near you. Buyer will clear the loan
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