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Home Loan Question
1 year ago
I have a property in Pune. The apartment belonged to my wife. She passed away 3 months back.
There is a home loan of 10.52 Lakh OUTSTANDING.
THE LOAN IS CURRENTLY NPA.No notice has been issued till date.
We still have to inform the bank about the deceased as there was a delay in receiving the death certificate.
My question is regarding the succession certificate,How long does it take to procure a succession certificate? Is the bank liable to wait till I receive it or can they seize the property? and will I have to pay the whole principle amount before I can apply for the succession certificate?
A.Good evening!
The succession certificate shall be obtained by applying for the same in the civil court of your jurisdiction with the required details and fees.
Even though the certificate is obtained, if the property is not encumbrance free the title won't be transferred immediately. Contact the bank and inform them about the details and follow their instructions.
The succession certificate shall be obtained by applying for the same in the civil court of your jurisdiction with the required details and fees.
Even though the certificate is obtained, if the property is not encumbrance free the title won't be transferred immediately. Contact the bank and inform them about the details and follow their instructions.
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A.Hello,
As per the information you have mentioned it is advisable to you to reach out to an advocate for first hand information.
As per the information you have mentioned it is advisable to you to reach out to an advocate for first hand information.
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A.Dear Client
Until and unless you make the property of your deceased wife encumbrance free I. e, debt free, title of property can not be transferred in your name even on receipt succession certificate from the Court that takes time.
In case the said property tagged as NPA by bank decided to auction the same to realize the outstanding loan including hepty of interest your all attempt/ effort will go in vain.
So contact the bank ASAP and take action accordingly.
Until and unless you make the property of your deceased wife encumbrance free I. e, debt free, title of property can not be transferred in your name even on receipt succession certificate from the Court that takes time.
In case the said property tagged as NPA by bank decided to auction the same to realize the outstanding loan including hepty of interest your all attempt/ effort will go in vain.
So contact the bank ASAP and take action accordingly.
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A.Dear Sir,
Process for getting succession certificate simplified
in case of death of a person without leaving a will, court may grant succession certificate in order to realise securities or debts of the deceased. A civil court issues succession certificate to the legal heirs of a deceased person.
It is required to establish the authenticity of the heirs. Also to authorize them to get assets or securities transferred in their names. Not to forget that assets comes with liabilities as such it also enables inheritance ofdebts. This is issued on the application from the beneficiary, to court as per laws of inheritance. It is necessary, though may not be always sufficient, to release or transfer the assets. For these letter of administration, no-objection certificates and death certificate is also required.
Application: As discussed earlier also, a petition is required to be filed with the competent jurisdiction where the assets are located.
Details: The application requires details like
– name of petitioner
– relationship with deceased
– names of all heirs of the deceased
– time, date and place of death
Also a copy of the death certificate is required to be produced.
Fees: A fixed percentage of the value of the estate is levied as fee for issuance of the certificate by the court. This fee is to be paid in the form of judicial stamp papers of the said amount. Only after this a the certificate is issued. Also, the lawyer will also charging their fees.
Process: The notice in the newspapers for a given period (generally 45 days) is issued by the court. In case where no one contests the petition on or before the expiry of given period, the court sanctions the order for issuance of succession certificate.
If the petition is not contested, the court usually issues a succession certificate in five to seven months.
==============================================================
Section 372 in The Indian Succession Act, 1925
372 Application for certificate. —
(1) Application for such a certificate shall be made to the District Judge by a petition signed and verified by or on behalf of the applicant in the manner prescribed by the Code of Civil Procedure, 1908 (5 of 1908) for the signing and verification of a plaint by or on behalf of a plaintiff, and setting forth the following particulars, namely:—
(a) the time of the death of the deceased;
(b) the ordinary residence of the deceased at the time of his death and, if such residence was not within the local limits of the jurisdiction of the Judge to whom the application is made, then the property of the deceased within those limits;
(c) the family or other near relatives of the deceased and their respective residences;
(d) the right in which the petitioner claims;
(e) the absence of any impediment under section 370 or under any other provision of this Act or any other enactment, to the grant of the certificate or to the validity thereof if it were granted; and
(f) the debts and securities in respect of which the certificate is applied for.
(2) If the petition contains any averment which the person verifying it knows or believes to be false, or does not believe to be true, that person shall be deemed to have committed an offence under section 198 of the Indian Penal Code, 1860 (45 of 1860).
56 [(3) Application for such a certificate may be made in respect of any debt or debts due to the deceased creditor or in respect of portions thereof.]
Process for getting succession certificate simplified
in case of death of a person without leaving a will, court may grant succession certificate in order to realise securities or debts of the deceased. A civil court issues succession certificate to the legal heirs of a deceased person.
It is required to establish the authenticity of the heirs. Also to authorize them to get assets or securities transferred in their names. Not to forget that assets comes with liabilities as such it also enables inheritance ofdebts. This is issued on the application from the beneficiary, to court as per laws of inheritance. It is necessary, though may not be always sufficient, to release or transfer the assets. For these letter of administration, no-objection certificates and death certificate is also required.
Application: As discussed earlier also, a petition is required to be filed with the competent jurisdiction where the assets are located.
Details: The application requires details like
– name of petitioner
– relationship with deceased
– names of all heirs of the deceased
– time, date and place of death
Also a copy of the death certificate is required to be produced.
Fees: A fixed percentage of the value of the estate is levied as fee for issuance of the certificate by the court. This fee is to be paid in the form of judicial stamp papers of the said amount. Only after this a the certificate is issued. Also, the lawyer will also charging their fees.
Process: The notice in the newspapers for a given period (generally 45 days) is issued by the court. In case where no one contests the petition on or before the expiry of given period, the court sanctions the order for issuance of succession certificate.
If the petition is not contested, the court usually issues a succession certificate in five to seven months.
==============================================================
Section 372 in The Indian Succession Act, 1925
372 Application for certificate. —
(1) Application for such a certificate shall be made to the District Judge by a petition signed and verified by or on behalf of the applicant in the manner prescribed by the Code of Civil Procedure, 1908 (5 of 1908) for the signing and verification of a plaint by or on behalf of a plaintiff, and setting forth the following particulars, namely:—
(a) the time of the death of the deceased;
(b) the ordinary residence of the deceased at the time of his death and, if such residence was not within the local limits of the jurisdiction of the Judge to whom the application is made, then the property of the deceased within those limits;
(c) the family or other near relatives of the deceased and their respective residences;
(d) the right in which the petitioner claims;
(e) the absence of any impediment under section 370 or under any other provision of this Act or any other enactment, to the grant of the certificate or to the validity thereof if it were granted; and
(f) the debts and securities in respect of which the certificate is applied for.
(2) If the petition contains any averment which the person verifying it knows or believes to be false, or does not believe to be true, that person shall be deemed to have committed an offence under section 198 of the Indian Penal Code, 1860 (45 of 1860).
56 [(3) Application for such a certificate may be made in respect of any debt or debts due to the deceased creditor or in respect of portions thereof.]
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