Home loan query
Raj
(Querist) 18 March 2013
This query is : Resolved
Hi,
I have a query detailed below. Please assist me with the same.
My wife and her father have bought a house on loan. Now we and my wife want to buy that house.
Is it possible to do the same? If yes, can I get loan from the same / different bank for this?
Else, please suggest what is the best option to get the house in our name(me and my wife).
Thanks for your help
ajay sethi
(Expert) 18 March 2013
your father in law can sell you his 50%share in said flat . you can obtain bank loan for same
Raj
(Querist) 18 March 2013
Thank You Sir. But recently banks said it is not possible to get the same done?
Sankaranarayanan
(Expert) 18 March 2013
If really your wife's father interested to give his share to her, then ask him to give by way of gift. once it will be done then automatically the title changed to your name.
if you feel to give any amount for that then you give the amount by way of gift to your father in law later.
Raj
(Querist) 18 March 2013
Thank You.
One more query please, is it possible to gift the house even when it is under loan?
We are taking care of the EMI in any case.
prabhakar singh
(Expert) 18 March 2013
Yes!Even a property with charge or loan or with any kind of encumbrance can be GIFTED .
Such Gifts are called ONEROUS GIFTS.
Section 127 of the Transfer of Property Act deals this kind of situations.It lays"127. Onerous gifts.—
Where a gift is in the form of a single transfer to the same person of several things of which one is, and the others are not burdened by an obligation, the donee can take nothing by the gift unless he accepts it fully.
Where a gift is in the form of two or more separate and independent transfers to the same person of several things, the donee is at liberty to accept one of them and refuse the others, although the former may be beneficial and the latter onerous."
In your case Donee would have to accept the gift unconditionally with burden of loan over the property.May it be you or your wife as donee.
Sankaranarayanan
(Expert) 18 March 2013
most welcome , hope now your doubt will be cleared.
R.K Nanda
(Expert) 18 March 2013
no more to add.
Raj
(Querist) 18 March 2013
Thank you all. I will work on the above option.
Thanks again
R.K Nanda
(Expert) 18 March 2013
welcome at LCI.
Devajyoti Barman
(Expert) 18 March 2013
Yes, it can be done even if loan is not repaid.
Raj Kumar Makkad
(Expert) 18 March 2013
Nothing to add more in the given replies.
Raj
(Querist) 19 March 2013
Could you please let me know as to how to do we start the process for trasnfering the house as a gift?
Any information around the same would be very helpful. I am trying to understand as to where do register this and whom do we need to contact for the same.
ajay sethi
(Expert) 19 March 2013
have deed of gift drafted by lawyer . have document duly stamped and regd . donee has to accept the gift
