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Wants to take loan on joint property by making partition deed
29-Nov-2023 (In Family Law)
we three brothers living in a jointly owned house of our father. One of the brother want to take loan on property. By making partition deed, if other two brothers are safeguard from possible risk default, or not? How ?
The bank should accept the partition deed document as the security to the loan.
Partition deed should be ratified in the threshold and recorded.I have doubts that the other stakeholders will provide any guarantees to the loan.
Partition deed should be ratified in the threshold and recorded.I have doubts that the other stakeholders will provide any guarantees to the loan.
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Adv. Vimlesh Prasad Mishra
Lucknow | 25+ Answers
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Can I take home loan if property is on my father name?
You can obtain a loan for your fathers home if he agrees to co-apply or be a guarantor. The lender will take into account the market value of the property, the borrowers income and creditworthiness when determining eligibility for a loan and the interest rate. 18 Dec 2020
One can take loan against the property but make sure his part should be absolutely clear by his name, and before proceedings for opting the loan, partition of the property shuld take place else other parties will also be considered as loan borrower.
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Adv. Dipti Singh
Delhi | 100+ Answers
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Helo, if you all are ready with your consent that he can take lone easily but property is joint and one of them is not ready with this then file a partition suit in civil court after that on the behalf of the your part you can take lone without any hurdles .there would be no horm for two others . For more information contact me . Thnx
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Adv. Bharat Dixit
Lucknow | 25+ Answers
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