VIJAYNARAYAN (FREELANCE EDU CONSULTANT) 25 November 2015

Settlement of property

Dear ALL

my house is under mortgage. me & my wife are joint owners. We wish to settle the property to our son & daughter. can we execute settlement deed while the house is still under mortgage loan

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4 Replies

adv.raghavan (Advocate,9444674980) 25 November 2015

Not advisable and it wont be a valid transfer.

Kumar Doab (FIN) 25 November 2015

Either settle the loan and obtain NOC/NDC, final statement showing NIL Balance and obtain the original title deed from bank and settle in any manner as deemed fit.........

Or write a valid WILL (preferably registered).

Otherwise also the legal heirs shall have the option to settle the loan and free the property from encumbrance/debt.

If you are concerned, you may also get the documents showing legal heirship for your family.