Prateek Rastogi (Manager) 27 July 2011
My brother and father had buyed a house 2 years back. They had taken a loan from bank. My brother is main applicant and my father is secondary (security purpose). They both had 50 - 50 share in the property. Last year my father gifted me his 50% share through gift deed. While bank loan is still in the name of my brother and father. Is it legal to transfer the share like this? Please let me know.
farhat sayed (NA) 27 July 2011
If the bank has no objection it can be gifted but you will become the title holder only after dues are cleared it is subjected to discretion of the bank.
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