Legal Question in Real Estate Law in India
Dear Sir/Madam.
I'm Ayaz.We have a property worth 1.5Cr which me and my elder brother had purchase with 50/50 % contribution in the year 1995.And is been regsistered in 3 names my self , my mother and my elder brother.Due to family issues we have disucssed and decided to sell property which i will be purchasing on settlement of the agreed amount.
The property was mortgage for the purpose of construction and the loan is running now. The property paper are available with the Bank.
If i have to register the property on my alone name after paying the decided amount to my elder brother what should be procedure as loan is running?
1 Answer from Attorneys
A property cannot be transferred during the pendency of a loan over it. you may pay off the bank and the have it registered in your name and then pledge it again with the same or any other bank. You may drop in a detailed query at [email protected]
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