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Chandra Sekhar (Carpenting and Interioer works)     17 February 2025

My 2bhk property name change if loan is there

I have purchased a 2 BHK Flat before my marriage in my name by taking a SBI Home loan of 25L and now I have outstanding loan of 15L and I am the only person paying EMI and handling it all these days. Now, I don't want to have this property in my name. Can I change the name of my house property to my Mother's or my Father's Name ? Though I am paying the EMI and Handling it till now as well as going forward too, I don't wanted to have this 2BHK property in my name. May I know what needs to be done in this... ?



 3 Replies

T. Kalaiselvan, Advocate (Advocate)     17 February 2025

As a matter of fact the house property is actually not on your name at present and the owner is the bank until the housing loan is fully discharged, hence you cannot transfer the property to anyone's name until you fully discharge the housing loan.

 

kavksatyanarayana (subregistrar/supdt.(retired))     17 February 2025

Yes.  After the loan's closure, you can gift it to your parents or a parent.

P. Venu (Advocate)     17 February 2025

Have you discussed with the bank?


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