Maharashtra Co-operative housing society related queries answered

WHAT ARE THE NORMS TO BE FOLLOWED WHILE STANDING FOR ELECTION?

In our society election is to be held for the new managing committee. My question is whether a member who has not completed two years of his enrollment as a member of the society on the last day of nomination, can stand for election? Is there any change in the bye-law on this point?

There is no amendment to the bye-law about the minimum requirement of two year membership of a member to get himself elected to the managing committee and in all probability, the returning office will reject the nomination of such a member on the security of nominations received by him.

CAN INDIAN LAW SUPERCEDE PORTUGESE LAW IN INHERITANCE MATTERS?

I am a Christain and my father, who was having many properties including one plot, two flats and one house at Goa, expired on 9.9.1995. According to Portugese Law, this property will be divided in the ratio of 2/3rd to the widow mother and remaining equally amongst all the children. This is hurting me and the matter is pending in Goa court. Whether I can take shelter of any other Indian Law to get the equal share? Court has declared auction of the properties for distribution of the proceeds amongst the heirs. Can I stop the auction?

The matter is sub-judise and it will not be proper to comment on it. You may consult your legal advisor handling this issue in the court at Goa to proceed further in the matter.

WHAT IS THE UPPER LIMIT UNDER LAW FOR PAYING SOCIETY CHARGES BY CASH?

I would like to know whether it is mandatory to pay the society charges amounting to Rs.1500 and above by cheque only or a member can make the payment by cash?

The managing committee and the AGMs may take appropriate decisions whenever such issues arise. Most of the societies do not have that much infrastructure to handle the cash beyond cash at hand limit and to provide the security for large amount of cash till deposit in the bank. If the society has taken a decision that the payment above a particular limit will be accepted by cheque, it has to be abided by the members of the society. Otherwise also, the payment by cheques is always preferred for obvious reasons.

DOES A SWORN AFFIDAVIT PROVIDE ME WITH A CLEAR TITLE FOR SALE?

A flat was owned by my deceased mother. I got this flat transferred in my name by way of a Deed of Declaration. I have four sisters and no brothers. I have power of attorney from all my sisters relinquishing their rights in the said flat as it was in accordance with the will of my mother, which has not been probated till date. So to hasten the transfer process, I gave an affidavit that I am the only legal heir of my mother. I plan to sell the flat in the near future. Is my title to the flat clear in all respects, if not, what steps should be taken to make my title to the said flat good to rule out the possibility of any litigation or dispute at the time of selling the flat.

Any such transfer based on misrepresentation supported by a fictitious document shall not be legally valid. The right, title and interest in any property cannot be relinquished by way of a power of attorney and, hence, such power of attorney by your sisters is of no consequence. Further it is a criminal offence to give a wrong affidavit which is on oath and such tactics should never be resorted to. In the circumstances of your case, you should get the will of your mother probated and on the basis of the same, you should get the transfer of the flat regularized in your name and also to avoid any litigation or problem for selling the flat in future and to pass on a good title to the purchaser. When a will in your favour has been probated, there will be no necessity for any relinquishment from any other legal heirs, including your sisters.

In the current market scenario which type of housing loan interest would be beneficial in the long run?
There are different housing loan schemes available from various banks and financial institutions. With increase in bank loan interest rates, it's difficult to suggest which of the housing loan is better compared to others. I would recommend you to take proposals from 3 financial institutions and go for the best suitable scheme. Also apart from checking interest rates, you should look into factors like processing fees, legal charges, etc.

With the rise in interest rates of housing loans, is it the right time to buy a home?
The decision of buying a home should not depend on the home loan interest rate; rather it should be evaluated basis the current requirement, down payment and monthly EMI. If all these three things fit your requisite, take a decision immediately.

Do you think the interest rate of home loan will increase in near future?
I don't see any immediate change in home loan rates. These rates will remain stable for next 6-9 months. Post 6 months, I see marginal drop in interest rates based on the rate of inflation present in economy.

Will I get a loan for buying a flat in a 31 year old building and are the terms and conditions generally same for that?
There are a few financial institutions that won't provide loans for old buildings, but at the same time, there are some housing finance institutes who would be willing to help for this flat in 31 year old building.

Can I get a home loan to buy a plot outside the city?
This will depend on the type of plot you wish to buy outside the city. If it's an agricultural land, the loan would be difficult; contrary to the non-agricultural (N.A.) plot, where you can avail the loan upto 60-80% of the plot cost. The State Bank of India (SBI) has got scheme for buying N.A. Plot.