Hi,
My father has a property which is under mortgage in a housing loan with myself as co borrower. Original property papers are deposited in bank as security. The loan tenure is approx 15 years. The loan amount is paid by me only and he doesn't pay a single rupee.
I have two sisters of whom one is married. The relationship with my parents is not well.
Can he write a will in name of my sisters or transfer/sell the property to them.
How can i be the owner of the property?
Thanks in advance
A mortgaged property can be gifted after redemption of mortgage. You can clear the outstanding loan dues and can gift the property without any hassle. In case, you gift/Will a mortgaged property, the donee besides accepting the Gift, also has to accept the burden/obligation of mortgage.
