Legal Question in Banking Law in India

Hi am santhosh. I am willing to buy a home which is 15 years old under housing loan. Owner of the house is expired, and now the property belongs to his wife and 2 children. In which one child is a minor(Girl).

Now my issue is, bank refuses to give loan because of "minor" is one of the owner of property.

Questions:

1. Is it possible to buy the minor's property alone?

2. If so, will i get loan for the remaining property ?

Kindly help me out experts.


Asked on 8/31/14, 8:18 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

It is not possible to buy the minor's property alone. If the mother gets permission from the court to sell the minor's share also, the bank may agree to lend. The bank will not agree to finance purchase of mere undivided share in the house.

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Answered on 9/01/14, 4:24 am


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