Can the property be registered in other name if loan is complete?
24-Jun-2023 (In Property Law)
I have purchased my first property and have a taken very minimum home loan from SBI. Now the loan is about to closure and can I register the property in my family member's name?
Sir, after clearing the complete loan amount u can transfer the property to others from bank they will issue a noc and clearance certificate to you/ then u can gift/ sale/ transfer to any one , the loan details will be refeleted in the encurambence certificate it should be removed once the loan is cleared from your side.
The property you are referring to is a home and there is no bar to register it in anybody`s name. You can resort to, in case of some of the family members , to execute a gift deed. All you need to show are uptodate khatha certificate and tax paid reciept.
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