Legal Question in Real Estate Law in India
One residential property valued at Rs 1.10 crore in the name of 5 persons was equitably mortgaged in Dehradun. The borrower had half share in it. The problem is the original papers of joint property were deposited with bank by the borrower without NOC from the other co owners. Is the mortgage valid.
Asked on 5/28/10, 10:56 pm
1 Answer from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
The mortgage is valid to the extent of share of the mortgagor in the mortgaged property.
Answered on 5/29/10, 5:43 am