How to secure a property
6 years ago
Hello sir,
Would like to acknowledge that I have a property worth more than 40 lakhs and due to unforeseen circumstances we are trying to mortgage it to a friend who is ready offer the amount but the scenario is he is asking us to register the property on his name & then have registered MOU in place that would help to have the property's hold on us.
I would request you to guide us on this and how to take this further
Deepak Yashwantrao Bade
Responded 5 years ago
A.dear client in your matter There are strict money lending laws applicable to us. It would be recommended to mortgage with a bank or approved financial institution, otherwise you might end up in legal tussle with your friend. There are many cases which are pending for similar kinds of issues. For, any further advice, you may consult.
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A.If you are having some other source of income or intend to start a business you can mortgage your property with a Bank. First registering property to friend is not safe.
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Ambrose Leo
Responded 6 years ago
A.The Best way to raise funds from Public Banks & Financial Institutions and registered institutions under the control of Govt.,In the instant case your friend has asked you to register in his name itself speaks of intention & plans to cheat & dupe you of the property.No Banks,Financial institutions or Agencies controlled by Govt never indulge in such demand for mortgage,beware & take guidance & help from family & property Lawyer to guide & help you quickly & save your property & interests.
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Ashish K Dongre
Responded 6 years ago
A.Better to mortgage it to bank, there are many ifs and buts and also due to time restriction and lack of space it will be better for you to contact lawyer for more details.
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