Gift deed rights

Querist : Anonymous (Querist) 08 May 2019 This query is : Resolved
Hello Sir,
My friend's husband wants to gift deed the flat to his wife (my friend). However, there is a bank housing loan going on the property and it is for a period of 10 years. Will my friend (his wife) be entitled to pay the balance amount of the loan through EMIs. If at all at any point of time after the gift deed is registered, she wants to sell the flat to a third party owner will there be any legal formalities involved on account of gift deed. Also, please highlight after the gift deed is through can the husband (co-owner) in agreement still take bank loans or personal loans on the gifted property or does he have the right to mortgage it at any point of time to meet his financial requirements.

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kavksatyanarayana (Expert) 08 May 2019
Dear queriest, till the bank loan is cleared, he cannot transfer the property. If he transfers the loan account to his wife with his security, the bank authorities may convince. But he has to Consult the Bank Authorities. Even then also his wife cannot transfer till the bank loan repaid.

krishna mohan (Expert) 09 May 2019
Co applicant could be an option to have joint ownership. Unless loan is cleared, no one can sell it.

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