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Sir,
I have a school and I don't have land but I have a donor of ST AND SC .My financial position is not so strong to purchase the land .They are interested to donate the land. If they donate the land, will I get the loan facility for that land?
Free Member, Joined :12/26/2012
No of Topics Posted : 1
Reply/Comments : 0
The answer would be contingent on multiple factors.
1) If your legal status is that of a Trust or a charitable society that has been founded for the specific purpose of providing education, the land in question may be transferred in the name of the trust / society, provided:
- The Trust / Society has been empowered vide the Trust Deed / MoA of the society to hold land.
- The vendor has a valid and marketable title to the property and has all rights to gift / alienate the same.
- The transfer is done vide a Gift Deed that is then registered.
2) Assuming point 1 to be true, the title to the land would validly rest with you. You may then approach a bank / financial institution to avail a loan by mortgaging the same, again assuming the Deed / MoA specifically allows you to do so.
3) If your legal status is that of a natural person, you would again need to have valid marketable rights over the property to raise any sum against the land.
4) You may also consider forming a fresh Trust for this purpose with the other party being one of the Trustees.
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