LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

sangram   09 November 2017

Info needed for gift deed against property having home loan

Hi,

I am having a flat in Thane which is on my name with me as main owner and on my mother's name as co-owner. I have taken a housing loan which is still running and I am paying the EMIs regularly. 

Now I want to transfer this flat on my younger brother's name keeping my mother's name intact. So that the property should be on my younger brother's name who will be main owner and on my mother's name who will be co-owner. I was suggested that I will have to do Gift deed for this to happen. 

But I had few queries:

1. Can the gift deed happen in this case when there is existing housing loan running on this flat on my name? Or do I need to clear the home loan first and ONLY THEN I can do gift deed. Is it the case? 

2. I also wanted to transfer this housing loan on my younger brother's name. Is it possible? 

Thanks,

Sangram



Learning

 2 Replies

Isaac Gabriel (Advocate)     10 November 2017

Since your mother is co-owner, you may relinqish your right. Alternatively your brother's name included by enrolling as a member so that the EMI to be paid by him.

sangram   14 November 2017

Thank you sir for clarfication. However I wanted to know Can the gift deed happen in this case when there is existing housing loan running on this flat on my name? The original aggreement papers are with the bank.

Thanks,

Sangram


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register