Can a WILL be used to get education loan?
Can I use a properly executed WILL in my mother’s name to apply for an education loan of ₹15 lakhs? If not, can the property mentioned in the WILL be transferred through a release or relinquishment deed, and would that be considered a valid document for obtaining an education loan?
A WILL is not a valid ownership proof until the property is transferred. For loan purposes, you’ll need to execute a release or relinquishment deed and get the property registered in your name. Once you have ownership proof (like a sale or gift deed), banks may consider it for an education loan. For further legal assistance contact us on our helpline number.
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