ramona 15 July 2017
I own a house in joint name with my mother which I intend selling and buy a flat only in my mothers name as I want to buy an individual flat taking a home loan with PMAY. Hence I want to know since this house is in joint ownership (50:50), how can I transfer my share to my mother so as to ensure there is no property in my name, so I can qualify for PMAY. What would be the pros and cons of doing so in the future? Or can anybody suggest a better idea?
Kumar Doab (FIN) 15 July 2017
Without any comment on T&C, requirements of PMAY.
The various options can be many e.g; outright sale or gift etc etc
It shall be better to inquire if PMAY shall look into old ownership and view it how!
Ms.Usha Kapoor (CEO) 16 July 2017
YOU GIFT AWAY YOUR 50% SHARE IN THE jOINT PROPERTY IN YOUR MOTHER'S NAME.THEN YOU CAN GO AHEAD BUYING RESIDENTIAL FLAT PROPERTY IN YOUR NAME WITH PMAY.
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