Legal Question in Real Estate Law in India
I have purchased a flat on loan in mumbai on getting sanction letter from a bank from a lady who inherited the said flat on death of her husband. Now the bank is refusing to disburse the loan saying that the lady has two minor children. Even the share certificate issued by the society has only the lady's name from whom the flat was purchased. What is the best legal option do i have in getting the bank loan sanctioned and disbursed to me
4 Answers from Attorneys
In my opinion, the bank is right in law as the children have share in property, this property might get into dispute when the children decide to challenge the sale to you some years from now.
The seller has to move to local court with simple suit to seek permission from the District Judge showing the necessity of such sale which is for the benefit of the minor children and the court shall permit such sale. It will take some time but will solve your problem.
Feel free to contact for further assistance.
Kind Regards
Setu Niket
Advocate
Delhi High Court
+91-9873109672
01.03.2013
Dear Sir / Madam,
To avoid the possibility of any complications in future, this purchase is not recommended. The refusal by the bank to disburse the loan is a blessing in disguise.
Regards,
FCA Prashant Chavan
Mumbai
(You can also mail me for any further on-line advice at [email protected])
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