Legal Question in Real Estate Law in India
Query related to property as collateral for Education loan
Our house is in the name of my grandfather. He died in 1999. My father are 3 brothers and a sister. Now, for my further studies I need an education loan. For this we need to show a collateral property. I wanted to ask that if this property is not in our name, can we still show it as a collateral in our loan? If yes, then how? and if no, then what should we do?
1 Answer from Attorneys
Re: Query related to property as collateral for Education loan
dear sir,
though after death of grand father your father being among legal heirs along with other brothers and sister but the property is still not partioned and is not in the name of your father.the property does not amount colleteral
property.nevertheless, to solve the problem allthe legal heirs either get the property partioned or they appoint your father their attorney and give no objection to give the property mortgaged for loan purpose.
thanks.
siddharth
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