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Transfer of property to only child with NPA bank account


27-Apr-2023 (In Banking / Finance Law)
My mother owns a property with clear title under her sole name. I'm the only child & I lost my father long ago. I'm married & we don’t have children nor intend to have any. I own a pvt ltd company which has a bank loan. Me & wife have given our personal guarantee for the loan. Due to a huge loss, our business loan has become an NPA with the Bank. I am not in a position to repay the loan. It is certain that in a few months’ time the bank shall enforce my personal guarantee. But neither myself nor my wife have enough assets to cover the full bank loan. Simultaneously my mother is very sick. In case of her death, due to her old age, the said residential property shall get transferred to my name. In such a scenario, the bank shall confiscate this property to recover their dues. Is there any way we can avoid the above. Can my mother draw a will &ask for transfer the property, after her death, to another co./ firm / trust which, even though owned by us, cannot be attached against our PG
Answers (2)

Answer #1
625 votes
Yes your mother can transfers the property by way of gift,sell or by making the will there is no baar as on today as she does not has anything with your company and or bank loan therefore it is advisable to make the will asap to avoid any inconvenience which may cause after her death.
Answer #2
675 votes
As you have mentioned that you have Pvt. limited registered company. You have availed loan for business and now not in situation to repay the same. In this case if you have given your personal guarantee to the Bank or given any collateral security as mortgage. If you have given the property as mortgage then only bank can attached that property. There are several ways available to re start your business.

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