All questions answered by Preenand P.

B-Khata

I have a narrowed down on a property with a B khata. Can you tell me which banks I can approach for a home loan?

Kamakshi R.

The B khata is not recognised as valid document as far as property ownership goes. The only thing it stands is for proof of ownership when you are attempting to regularise the property and get an A Khata. There are a few cooperative banks that may consider giving you a loan. Nationalised banks and those in the corporate sector will not give you a loan against a B khata. There may be a few private banks that will consider giving you a loan, but this will be at a much higher rate of interest and will have numerous terms and conditions attached to it. The best option for you would be to approach your registrar’s office and attempt converting the property to an A Khata.

Inheritance

I inherited a home from my father who passed away in 1982. This property was self-acquired by my father in 1958. The property was bequeathed to me via a will. I want to create a will to pass this house to my son. I am unsure of whether this home falls in the category of an inherited home or a self-acquired one.

Abdul Pasha, Sultanpet

As per the definition, a self-acquired property is one that is bought by a person from his resources or received as a legal heir through a will. Your home is a self-acquired one. This does not give your daughter any legal claims to the property. You will be able to pass the home to your son through a will.

Power of Attorney

I live with my step-mother and step-brother. In the case of the death of my step-mother, will my step-brother be able to sell my father’s property based on the power of attorney he holds?

G. Antony

When a power of attorney is provided to a person, it is only to allow the person to act in the best interests of the party concerned. It does not give him the liberty or the power to sell a house or close a bank account on will. Power of attorneys are provided for specific tasks and only those can be carried out.

Exchange of plots

My sister and I inherited two plots of 1,400 sq. ft which have both been registered in our respective names. However, we would like to exchange these two plots for the simple reason that they are at two different locations and an exchange would suit our requirements better. What is the process?

Jayanth K., Mysore

You will have to put into effect a Deed of Exchange. There will be a stamp duty applicable, which is around six per cent on the current market value of the property, the one that has a higher value of the two.

The will

In the case of a self-acquired property by a Hindu male individual, is it possible for him to create a will and pass on the property to a person of his choice or does the property naturally pass down to his heirs – sons/daughters?

Mahalaxmi Srinivasan

There is nothing that stipulates that a will has to be made in the name of natural heirs alone. You can will the property to anyone you wish to.