Dear Sir,
I am working as a Software Engineer and mybrother is doing the business at my hometown.By keeping my family under dark my brother is paying heavy intrests to financers.He kept my home and 2 agriculture properties in bank . Last year july house got a notice under SURFEASE act.My mother is the owner of the house , so bank given notice to my parents in local news paper asking to repay the 46 laks within 60 days of notice otherwise house is going to auction . Then i came in to picture and met the Bank manager and paid intial 10 laks with some difficulty. Due to my brother my mother already lost 1 kg gold and he used all my father retirement benifits i.e.30 lks . he lost his self accuired properties also . House is the only thing left to us .
We are three brothers and i am the younger one. my second brother not invest anything to save home and also he is involved with my big brother.
We realizied we can not clear the debts of my brother by selling our home . because already 46 lks OD and 13 lks housing loan , total 60 lks debt is there on that house . market value of that house is approx 80 lks.
Now problem is without knowing the depth of the sitution i enter into this mess . feeling sentimental and emotional I put a Bank loan of 40 lks based on my pay to save the house some extent to save parents
Now i am getting presure from my in-laws . my mother is ready to register house on my name or my wife-name . i spoke with bank people where i took loan.
Experts can you please give ur advice.
1. Whether we can excute sale deed or gift deed from my mother . i.e. i am not able to effort much at this point
this is mother's self acquired property and we are hindu family. is my brother signatures required for transfer
2.Is it better to transfer property on my name or my wife name . because my brothers is having debts .
3. I almost invest 50 lks( i.e. Personal and bank loan ) to save this home , so is it ok to mention all details in gift deed or sale deed
4.For bank loan me and my wife are applicants and my mother is co-applicant . Is it legally ok to tranfer property on our names when property is under bank.
5
Please give your inputs sir , and also please suggest us good advocate in Bangalore or hyderabad.
Best Regards,
Kumar
