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Q. Loan in that name of a Society

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Anonymous

posted 1 year ago

Q.Loan in that name of a Society
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?

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Manjula Shanmugasundaram

Experience: 18 Year(s)

Responded 1 year ago

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

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Neeraj Kumar

Experience: 1 Year(s)

Responded 1 year ago

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

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Junaid Ali Khan

Experience: 2 Year(s)

Responded 1 year ago

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A. ) No

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Sunil

Experience: 4 Year(s)

Responded 1 year ago

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

Experience: 30 Year(s)

Responded 1 year ago

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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.

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Anonymous

Replied 1 year 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...

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Ramalingaiah Mulakatte

Experience: 30 Year(s)

Replied 1 year 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.

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