House on loan can it be gifted
Guest
(Querist) 14 August 2012
This query is : Resolved
dear sir,
a individual house taken on loan from bank has be gifted by sale deed hiding the fact of loan. how to cancel the sale deed
Devajyoti Barman
(Expert) 14 August 2012
If there is no restrain on sale , the sale is valid.
malipeddi jaggarao
(Expert) 16 August 2012
When a Bank sanctions Housing Loan, the property is either legally or equitably mortgaged to the Bank. Any sale/Gift without satisfying the debt and get back the original document, is defective in title. The sale deed hiding the fact about the Bank Loan (and the mortgage to the Bank) is defective as the Bank will have its right on the property. If still housing loan is outstanding, you have clear the loan, get the original document released, obtain NOC from the Bank and make an amendment gift deed to perfect the title.
Guest
(Expert) 16 August 2012
Your question has no relevance when you talk about gift by sale, first of all, gift deed and sale deed are two quite distinct things. Sale of property cannot be treated as gifted tp some one.
Secondly, how do you propose to gift or sell the mortgaged property, when you would not be able to transfer the original property title papers to the beneficiary of gift or buyer of property on entering in to gift deed or sale deed?
However, I fully endorse the views of Mr. Jaggarao for rest of the issue.
