To obtain Reverse Mortgage Loan from any scheduled bank requires the senior citizen concerned to obtain NOC from all his legal heirs as a pre-condition for processing his loan application. Do you think that any legal heir will give NOC ??
In my opinion only an Affidavit on Stamp Paper giving particulars of legal heirs with their contact numbers should be accepted by the bank. In this case also the legal heirs should never be contacted by the bank until the demise of the loanee senior citizen. Views of legal experts and others are invited. more
In my opinion only an Affidavit on Stamp Paper giving particulars of legal heirs with their contact numbers should be accepted by the bank. In this case also the legal heirs should never be contacted by the bank until the demise of the loanee senior citizen. Views of legal experts and others are invited. more
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This matter is of common interest. So both aspect should have been considered 1. Self earned property 2. Ancestral property Mr. Sandeep Sheregar comment is correct. more
Aug 03
I am ex-banker as per my experience no such requirement for reverse mortgage loans in PSU banks. more
Aug 03
I agree with Mr Anil Gandhi. He is absolutely correct. Heirs may not be available also at the required time. more
Aug 02
Hanumanji Mr Anil can move a petition in the nearest district court under Maintenance and Welfare of Parents and Senior Citizen's Act 2007 demanding maitenance from the nearest earning relatives i.e. his wife, son, daughter whether married or unmarried, brother, major and earning grand childrens etc if he doesnt have any source of income. If he wants to get reverse mortgage benefit on his own property aquired out of his own earnings then he can directly get loan from the bank by completing the legal complainces. But if its his ancestral property then he has to seek their permission to create a third party interest on such property. Alternatively he can file for a declaratory suit and ask for partition of his share from the ancestral property and then get a reverse mortgage on the same for which he doesnt need anyone's permission. more
Aug 02
Anilji As per Hindu Succession amendment act 1996 and 2000, no single legal heir of an ancestral property can create a third party interest in such property without the explicit written consent of other legal heirs, claimants and stake holders in the same ancestral property. This is binding and a legal compliance on all those who want to create a third party interest in an ancestral property irrespective of the fact that whether you are a borrower or lender. more
Aug 02
Mr. Gandhi has no where mentioned the word 'ancestral' ? There can not be any requirement of NOC for one's self acquired property, which can be verified by the Bank from chain of conveyance deeds. more
Aug 02
If the property in question is self acquired one by the said Sr Citizen, there must not be any need of NOC from legal heirs. Ancestral property may be subjected to such NOCs. more
Aug 02
