Gift deed
ganesh
(Querist) 12 December 2014
This query is : Resolved
Hi there !
me & my brother purchase a flat in 2008 in mumbai jointly ,& also taken up a home loan for the said flat jointly now my brother is giving his share in the said flat to me. so my question is
can we register the gift deed between us while property is still mortgage but after gift deed within 6 months i ll repay all the balance loan so i want to know in this type of transfer will be valid after the said flat is mortgage free
Devajyoti Barman
(Expert) 13 December 2014
Who is paying EMI. If you are making it then there is no issue but in any case inform the bank about this.
ajay sethi
(Expert) 13 December 2014
gift deed can be made by your brother for his 50%share in flat . however do obtain bank prior approval before execution
Rajendra K Goyal
(Expert) 13 December 2014
Gift deed can be made and may not pause any problem if Bank loan is paid off. Your brother would remain liable to Bank till loan is repaid.
ganesh
(Querist) 13 December 2014
Thanks SIRS ,
fr the reply
Emi is going through my brothers ac
i was went to bank for noc but they refuse it but they told me that they can issue a new home loan for me if i went to register a gift deed & other documentation .
so that is again i have to pay interest again a new loan. so if i register a gift deed without bank noc & i am definitely pay the balance home loan amt in nxt 4,5 months till then i ll regularly paid the emi will create any problem fr me
Sailesh Kumar Shah
(Expert) 14 December 2014
it would be better to wait 4-5 months. thereafter get gift deed registered.
prabhakar singh
(Expert) 14 December 2014
If executed it would be an onerous gift' whis is based on the maxim ‘qui sensit commodum , debt et sentire onus ‘ which means that who wants the roses must not fear the thorns . The rule is similar to the doctrine of election .'
The provisions of onerous gift is contained in section 127 of the Transfer of property Act . Onerous gift is a gift burdened with an obligation .
To me Bank has no say in the matter.You can go the way you want to go without consent of the Bank.
