Loan in that name of a Society

5 years ago

If I apply for a loan to buy land in the name of a society, can I get the land registered on an individual's name who is a member of society or should it only be registered in the name of Society?

Previous Question

Next Question

Manjula Shanmugasundaram

Responded 5 years ago

A.No. That will be wrong. The owner of the property should be the borrower also.

Helpful

Neeraj Kumar

Responded 5 years ago

A.Hello there,
That will be incorrect according to the procedure.

Helpful

Junaid Ali Khan

Responded 5 years ago

A.No

Helpful

Sunil

Responded 5 years ago

A.No ....u cant.....the property must be registered on the name of company or alll its members..................
...................................

Helpful

Ramalingaiah Mulakatte

Responded 5 years ago

A.Whoever applies for loan to buy land the land should be registered and conveyed in its/their name.
For example, if an individual applies personally for loan to buy land, then the purchaser should be that individual.
If a society applies for loan to buy land in its name then the land should be bought in society's name.

Helpful

Anonymous

Replied 5 years ago

Hi sir,
Thanks for your prompt reply..

Here the my personal property is being mortgaged to get the loan in the name of society.
As I will be asked for the repayment later if the society defaults to pay the loan I thought it would be better if it is registered on my name...

Ramalingaiah Mulakatte

Replied 5 years ago

When land is bought in your personal name by taking loan by you from bank, the society would get conveyance of the land in its favour after the loan is cleared. In other words, when the society repays the loan you need to and should convey the land to the society by executing and registering conveyance deed in favour of the society.

Read Related Answers

Obc NCL address and permanent address issue

Dear Sir, If you put your permanent address as Mumbai there will be no problem unless somebody known to you mischievously lodge complaint.

Regarding marriage

Dear client, In the absence of a decree of divorce passed by a competent Court of law annulling a marriage, either spouse cannot remarry another man or woman, and such a marriage that violates the co...

Sales of my old flat

Dear client, It is an absolute legal right of any buyer to demand for the mother deed of the property that he/she is willing to buy. As it involves a lot of risks in case if there is a dispute in the...

RESIDENTS ASSOCIATION FORMATION

Dear Client, The maintenance and other incidental expenses are being borne by the Builder of an under-construction building. Until and unless the construction of a building is completed and the builde...

legal requirements

Dear Client, In India, the requirement for a license to teach martial arts or to open a taekwondo sports academy may vary depending on the state and local regulations. It's advisable to contact the lo...

Read Blogs on Registration

Gift Deed Of Property In India

Indian patent and trademark registration process

Real Estate Regulatory Authority (RERA)

SALE OF MINOR PROPERTY BY GUARDIAN

Laws Related to Registration of Property Transactions in India

Registration Lawyers

Kolkata

Bangalore

Mumbai suburban

Nagpur

Jaswant Singh Katariya

Gurgaon

View Full Profile

Type of Consultation	Fees
Phone Consultation	₹	Not Yet Updated
Meeting Consultation	₹	Not Yet Updated
Email Consultation	₹	Not Yet Updated
Video Conference	₹	Not Yet Updated
Request for quotation from the Lawyer.