We have a residential property under the joint name of myself and my wife. We intend to execute a Gift Deed for this property, wherein my wife (Donor) shall gift her share in the property to myself (Donee). All EMIs are 100% paid through an ECH arrangement by myself from my registered account, and further the same arrangement shall continue. I am the primary borrower in the home loan and my wife is the co-borrower.
Q1 - Can we execute the gift deed, despite the property still being under mortgage?
Q2 - In case we go ahead and execute the gift deed without taking NOC from the bank, will that gift deed be still applicable once the loan is 100% paid by 2027?
Q3 - Will the bank hand-over the original Property documents to a single owner, once the loan is 100% paid?
