Gift deed from father to daughter
Venkata Krish
(Querist) 14 January 2016
This query is : Resolved
Dear Sir,
My father-in-law wants to do a gift deed in favour of my wife along with condition to clear the outstanding home loan on the property. Can this be done? If so do we need to inform the bank in which the home loan is obtained?
We tried for home loan for my wife in order to clear the outstanding loan on my father-in-law name and get it transferred to my wife. But bank manager is saying its not possible to get a home loan in case of gift deed. so we are stuck on how to proceed with this transaction.
Appreciate your inputs in this regard.
Thank you,
Venkat.
Kumar Doab
(Expert) 14 January 2016
Avoid alienation of property and title of the property till the loan is fully paid and NOC/NDC is issued by bank.
The bank at its sole discretion may agree or decline to agree in such case.
Clear the loan and get the gift deed.
Venkata Krish
(Querist) 14 January 2016
Kumar Sir,
Thank you for the response.
The problem is the outstanding loan my wife will not be able to clear immediately and the loan repayment might for 10 years. So that is the reason we are looking on how to do this transaction now.
Regards,
Venkat.
Kumar Doab
(Expert) 14 January 2016
The solution lies with the lender only.
Rajendra K Goyal
(Expert) 15 January 2016
Your father may execute a will in favor of your wife.
Your father may sell the House to your wife and she can obtain housing loan for paying the outstanding loan of your FIL. You have to pay Stamp fee for this transaction.
prabhakar singh
(Expert) 15 January 2016
If father proposes to execute a sale deed, the bank would agree.
Venkata Krish
(Querist) 15 January 2016
Sir,
Thanks for your reply.
Can a irrevocable will be executed in this case?
Thanks,
Prasad.
Anirudh
(Expert) 15 January 2016
There is nothing called irrevocable WILL. Will can be cancelled, modified etc., any number of times before the death of the person who is executing the WILL.
