Ancestral property, whats the meaning as per Indian Law?
My father h ad bought land and built a house. Despite me to have brothers and sisters, he wanted the property to me without any objection from my brothers and sisters. banks are processing This property as ancestral and I refuse loan facilities under the reverse mortgage scheme. Is that covered support for property ancestral?
Banks and their lawyers on the panel discuss what they wish and have their self made rules / laws, makes no difference how the actual position of justice if that property is not an ancestral property as held by the Supreme Court of India, but only self acquired property of your father liked in your favor. For purposes of the said loan on the property once you as your father did to debtors jointly by the concerned bank. This is normal procedure performed by most banks and other institutions Financial HDFC etc as when the provision of loans on any property, it is not to deny the loan on real property pledged that is free of any legal obstacle. Earlier today the banks and other financial institutions prefer to lend secured than unsecured rather promising property debtors in their favor.
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