relinqishing share to other joint owner

Querist : Anonymous (Querist) 13 April 2011 This query is : Resolved
Myself and mom are joint owners of a residential apartment (bank loan outstanding as of date) where we are currently staying. I wish to transfer my share of the apartment to mom and make her 100% owner of the said apartment. What is the procedure for doing so? would i have to prepay the loan beforhand?

We are residents of bombay-and the apartment is situated in bombay itself.

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bhagwat patil (Expert) 13 April 2011
The consent of bank is required. you need not repay the total loan amt.

Querist : Anonymous (Querist) 13 April 2011
Ok-after taking the bank consent-whats the procedure for next part?

Parveen Kr. Aggarwal (Expert) 13 April 2011
You can transfer your share by any registered instrument, e.g. sale deed, gift deed etc. in case the bank consents to such tranfer.

Naresh Kudal (Expert) 13 April 2011
after getting bank's consent you can execute release deed in favor of your mother.

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