Mortgage deed and gift deed
Usman
(Querist) 16 April 2016
This query is : Resolved
Respected Lawyers,
Please read the below details and answer my question written in the last.
The house was in the name of a house hold lady she had taken loan from bank in the year 1972 on the basis of her house as a security by executing a registered Mortgage deed. The mortgage deed shows that only the Sales deed was submitted at the time of mortgage. Please note that at that time she was a simple house hold lady and her husband was living retired life. The loan application shows her son name as well while she was applying for the loan may be as the granter of loan payment but this thing is not written in the mortgage deed. The house possession is with the land lady(mortgagor) and her son also lived with her.
Later on in the year 1978 she executed a registered Gift deed in favor of her same son. But her son mutated property in his name in the year 1992 after he cleared all the loan debt and after execution of Redemption deed.
The question is "was in the year 1978 the gift deed executed by mother to her son was a valid gift deed while the home loan from the bank was still running"? Please keep in mind that both mother and son not hurt the financing bank in their loan installments payments and their liabilities.
kavksatyanarayana
(Expert) 16 April 2016
Did you see the Gift deed? what are the contents? i think there might have been a clause"stating while gifting the house, the loan amount taken should be repaid to the bank till the loan is closed. under that circumstances bank may give permission to gift the property.under that circumstances the gift is valid.
P. Venu
(Expert) 17 April 2016
"Please read the below details and answer my question written in the last."
"The question is "was in the year 1978 the gift deed executed by mother to her son was a valid gift deed while the home loan from the bank was still running"? Please keep in mind that both mother and son not hurt the financing bank in their loan installments payments and their liabilities."
Is this a query "seeking our suggestions to your problem" or a question paper "test our knowledge"?
Rajendra K Goyal
(Expert) 17 April 2016
Your query seem to be academic.
In 1972 which Bank provided Housing Loan, it was not common and may be very rare at that time?
Equitable Mortgage can be done by submitting title deed (Registered sale deed) of the property. It is legal mortgage.
Gift done of a mortgaged property, Bank's right would not be effected. For further details gift deed need to be referred.
Usman
(Querist) 17 April 2016
Sir P.Venu I am seeking your expert suggestion of my problem. Let me give some more details of my problem.
The mother I mentioned here was actually my grand mother died in 1995 and the son is my father died in 2015. Now I as a legal heir of my father's property I want to transfer property in my name, but the issue is one of my uncle(real brother of my father) with mala fide intentions black mailing me and want to put a case against me on grounds that "how in the year 1978 her mother executed gift deed when the property was mortgaged?" It is noted here that he never claiming anything in the property when the gift deed executed in 1978 and also when the property was mutated in my father's name in 1992. And he never raised any issue related to this property when my grand mother and father was alive.
Now please let me know which law is applied when the property was mortgaged and a registered gift deed executed and when there is nothing related to loan is written on gift deed?
P. Venu
(Expert) 17 April 2016
Why you want our opinion/suggestion when there is no problem at all, other than an empty threat allegedly raised by your uncle?
If he goes to court, the onus of establishing his case on facts and in law vest with him.
Rajendra K Goyal
(Expert) 19 April 2016
If any registered gift deed exist, take certified copy from registrar office. Unregistered gift deed has hardly any value.
Rajendra K Goyal
(Expert) 19 April 2016
You have not clarified which Bank provided Housing loan in 1972 or how the property was mortgaged?
Usman
(Querist) 05 May 2016
I've taken the certified copy from the registrar office. Now is it a valid proof that this deed is valid? and was must be created by taken permission form loan giving bank or atleast in the knowledge of bank?
