Land loan on gift deed
Querist :
Anonymous
(Querist) 04 May 2019
This query is : Resolved
We have a land given by mother by gift deed. we are three brothers. she divided one plot in three parts and make a gift deed. this land is in Goa. i stay in Baroda. want to know if i want to construct a house on this land (other 2 brothers already built a house in their area). can i apply for a loan in bank on this gift deed? any other option to apply for a loan to construct a house on this land?
my wife is having one flat in Baroda, can i mortgage this flat for a loan to construct house in Goa? Pl advise.
i also would like to know what is the procedure to make the gift deed legally.
thanx & Regards,
kavksatyanarayana
(Expert) 04 May 2019
Dear anonymous queriest, is the Gift by your mother registered or not? If not registered, the land/plot shall be divided in 3 equal shares and get it registered in SRO concerned. and then apply for loan.
Dr J C Vashista
(Expert) 05 May 2019
Anonymous author may not be obliged by experts as per rule of this platform, therefore, disclose your identity.
Dr J C Vashista
(Expert) 05 May 2019
Gift deed is irrevocable and portion of plot "donated" gets transferred in the name of "donee".
It would be advisable to consult a banker for loan with gift deed and other documents qua property proposed to be constructed.
There is no relation of the Baroda flat owned by your wife. However, if she wants it to be mortgaged it can be done by her.
P. Venu
(Expert) 05 May 2019
First of all, contact the Bank. This is a matter of procedure. They are better placed to provide you the best guidance.
Querist :
Anonymous
(Querist) 06 May 2019
Thank you all. Gift deed is not registered. my mother has made a gift deed amongst three brothers. in one plot, three shares. secondly, my mother has not divided plot equally to three brothers. i have given smallest land part. in this case what i can do?
kavksatyanarayana
(Expert) 06 May 2019
according to amicable discussion between your brothers, divide the shares and register the partition deed to avoid legal complications.
P. Venu
(Expert) 06 May 2019
The gift deed ought to have been registered (unless it is Hiba under the Mohammedan Law). is your mother still alive?
