appointed manager to do fulfil such incomplete contract. The manager is bound to act according to the directions of the court that appointed him. However, a manager can only manage the individual property of the mentally challenged person and canot be appointed for joint family property.
To sum up, any sale of property which belongs to a person who has mental illness is per se illegal. The mentally infirm person is unable to understand it and is incapable of forming a rational judgement about how it would affect his interest. Any contract with respect to such a property can be entered into by the manager who has been duly appointed and given directions by the district court for the same. It is mandatory to obtain the order of the concerned district court before I had taken a housing loan for building the first floor of the house. I am currently residing in the ground floor. Am I eligible for HRA benefit from my salary and the benefit under Section 24(b) for the interest? I am paying for the housing loan but the house is in my mother’s name.
—Siddharth Sen developer. Remember that the bank does not guarantee the construction of the property in time and it is your liability if the construction is delayed or builder defaults on the payment of interest to the bank. Remember, any default by the builder in payment of pre-EMI interest will severely affect your personal credit score.