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Can a legal heir take loan over a jointly occupied home
11-Nov-2023 (In Property Law)
If a home which is occupied jointly by its heirs,who are the sons of the deceased owner .This house is still in the name of the deceased.now one of the sons wants to take a loan over it,if the other heirs give a letter of no objection to the bank,will it suffice for the loan in india . Wait in for your answer
Hi
Since the property is a residential house where all the legal heirs are residing, all of the sons have equal rights on the property.
It is possible for one of the legal heir to avail a loan, provided other legal heirs stand as a guarantor(s) to the said loan.
mere no objection certificate will not be sufficient for the bank to grant the loan.
The other legal heirs should stand guarantee to the said loan availed by their sibling.
Since the property is a residential house where all the legal heirs are residing, all of the sons have equal rights on the property.
It is possible for one of the legal heir to avail a loan, provided other legal heirs stand as a guarantor(s) to the said loan.
mere no objection certificate will not be sufficient for the bank to grant the loan.
The other legal heirs should stand guarantee to the said loan availed by their sibling.
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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