We are planning to buy a 32 years old building
7 months ago
We are planning to buy a 32 years old building, belongs to husband and wife. Husband died 10 years ago with leaving 5 heirs. One if the heir died one year ago.
So the legal heirs is 4 sons with 1 died wife and 2 major children l.
For housing loan the bank says the amount needs to be split equally among all legal heirs 7 members?
Can I ask the bank to split amongst only 4 sons and 1 wife leaving the children?
A.Dear Client,
When you are planning to buy a property of 30 years old through a Bank loan, the Bank after searching the title of the property and its encumbrance status has agreed to the loan and commented for disbursement of loan amount/ consideration money of the property among all the surviving legal heirs following the provision of Hindu law of inheritance. Your suggestion for splitting the consideration money between a few out of the total surviving legal heirs may be a cause of dispute/litigation in the future being discriminatory that deprives the legitimate right of the concerned legal heirs who got the said right by birth. So the Bank's advice in the matter may be adhered to avoid future consequences.
When you are planning to buy a property of 30 years old through a Bank loan, the Bank after searching the title of the property and its encumbrance status has agreed to the loan and commented for disbursement of loan amount/ consideration money of the property among all the surviving legal heirs following the provision of Hindu law of inheritance. Your suggestion for splitting the consideration money between a few out of the total surviving legal heirs may be a cause of dispute/litigation in the future being discriminatory that deprives the legitimate right of the concerned legal heirs who got the said right by birth. So the Bank's advice in the matter may be adhered to avoid future consequences.
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A.Dear client,
Under the Hindu Succession Act, the property of a Hindu father is first distributed equally among his Class I heirs, which includes his widow, children (including daughters), and mother. If the father's mother is not alive, then the property will be distributed equally among his widow and children.
Under the Hindu Succession Act, the property of a Hindu father is first distributed equally among his Class I heirs, which includes his widow, children (including daughters), and mother. If the father's mother is not alive, then the property will be distributed equally among his widow and children.
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