A developer built 10% of a Gaothan plot and the occupancy certificate was issued to the landowner. The developer then sold a flat to Mr. A, who later sold it to Mr. B. Residents formed a co-operative housing society and issued share certificates, with Mr. A also holding one. Can Mr. B secure a loan from a bank? Would a mortgage in favour of the bank be valid?

Apni Law
Apni Law
Law Forum › Category: Property › A developer built 10% of a Gaothan plot and the occupancy certificate was issued to the landowner. The developer then sold a flat to Mr. A, who later sold it to Mr. B. Residents formed a co-operative housing society and issued share certificates, with Mr. A also holding one. Can Mr. B secure a loan from a bank? Would a mortgage in favour of the bank be valid?
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Apni Law Staff asked 6 months ago

A developer built 10% of a Gaothan plot and the occupancy certificate was issued to the landowner. The developer then sold a flat to Mr. A, who later sold it to Mr. B. Residents formed a co-operative housing society and issued share certificates, with Mr. A also holding one. Can Mr. B secure a loan from a bank? Would a mortgage in favour of the bank be valid?

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Apni Law Staff answered 6 months ago

Under Indian law, Mr. B may face difficulties securing a bank loan as the occupancy certificate was issued for the entire plot, not the individual flat. A mortgage in favor of the bank may not be valid since Mr. B lacks ownership rights to the land, only the flat, and the co-operative society’s share certificate doesn’t confer ownership.

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Previous Article My dad’s name is spelled incorrectly on my 10th standard marksheet from 2009. How can I get it fixed?
Next Article My father passed away without leaving a will. My mother and I inherited our ancestral home and land. My mother generously gave me her share through a registered deed, and my uncles did the same with their portions. Now, my name is on the property documents. I have a Hindu Undivided Family (HUF). Can I claim this property as HUF property for income tax purposes? What legal steps are necessary to add it to the HUF?

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