Property rights
Hitesh Kumar
(Querist) 08 February 2012
This query is : Resolved
Dear Sir,
I have owner of propert which is on my name & mortgage in bank also due to loan avail from the bank
Can it be possible that i can transfer my rights on the property to my family memeber since property is mortgaged in the bank
if right can be transfer what is the procedure
A V Vishal
(Expert) 08 February 2012
Do you want to transfer only the right or the laibility also? In any case the consent of the mortgagee is required
Deepak Nair
(Expert) 08 February 2012
Dear Mr.Hitesh,
if the property is your self earned property, you can execute a will with regards to the said property, or you can gift the property.
If you make a deed for transfer of the property, you have to mention the mortgage and status of the loan in the said deed.
Mortgage is not a bar for transfer of property. But you should get the NOC from mortgagee.
Shailesh Kumar Shah
(Expert) 08 February 2012
Can it be possible that i can transfer my rights on the property to my family memeber since property is mortgaged in the bank
Answer: No, without the repayment of loan, you can not transfer legally property without the permission of bank.
ajay sethi
(Expert) 08 February 2012
when you obtained a loan from bank and mortgaged the property you must hav executed agreement with bank .
no third party rights can be created without consent of bank .
you cannot transfer property to your family member till loan is repaid
Sankaranarayanan
(Expert) 08 February 2012
First without the premission given by bank you can't. Secondly you can right the will on ur wisher but when ur liability is over agisnt the banker and cancell the mortgage deed then only it comes effect.
