Settlement deed

Dear Ms. Anu,

Understanding to your query the ideal suggesstion for your parents to transfer the property in your name would be moving with a settlement deed.

When your parents are laying a condition to stay in the said apartment till their death, the said concept is called "holding the life intrest over the property", which means though they have settled the property absolutely to you, still they will have the right to enjoy the property till their death and the life interest clause will be drafted in the settlement deed.

So in future i ever you go on a bank laon against the property, if your parents are alive, still they will be added as property owners and they will be added as co-applicant as per the NHB norms.

Yes, once the property is settled to you , the name transfer would be changed to your name and all the payments will be legally made by you as you will be property owner.

The registartion fee for this will be under the stamp act ,according the jurisdiction of the property wherever its located.