Is registration of the will is complusry for taking loan form the bank

668 votes

For getting loan from the bank will is not required because a will is not a proof of ownership. A will only indicates the will of the testator that to whom his property will pass. Therefore, it doesn't matter whether the will is registered or not. For security of loan a guarantor should have actual possession and ownership of his property free from any prior encumbrance.

In your case, your father can be guarantor for your loan. But, a will made by him in your favour will be of no use for loan purpose.

Advocate Sandeep Naik LawRato

555 votes

Yes as for as I concern each and every bank demand the will should be registered generally it depends the bank loan policy but mostly no one bank will give you loan on the unregistered will, the reason behind from this every bank want to be secure when it is giving you loan. Registration fees is equal for men and women.

Advocate Rohit Jagwani LawRato

657 votes

Look will is a testamentory document which comes into effect only after the death of the testator i.e. the person who execute the Will and until the executor of the Will doesn't dies the Will cannot be operate however it is optional to get it registered as per section 17 of Indian Registration Act but for obtaining loan what required is to get the property mutated in the name i the person who gets the property under the Will and that too again after the demise of the executor of the Will and not before that

LawRato LawRato