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Can property loan be transfer from Dad to Son
27-Dec-2023 (In Property Law)
My Father has bought flat 3 years ago, loan is also on his name. Now we want to transfer it on my name along with loan how to do it ? Is there any cheap way ?
Father can execute a Gift Deed in favour of his son,pay stamp duty of Rs. 500/- and registration charges of Rs. 500/-. Prior to this the NOC of the Bank will be required to be taken for transfer of the loan from Father to son.
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Adv. P A Narayanan
Mumbai | 25+ Answers
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Can a son take loan on father's property?
Before applying for a home loan, you must obtain a signed No-Objection Certificate from all legal heirs if the property is ancestral. If the property is owned by your mother, she must be co-applicant for the loan. 04-Oct-2021
How do I transfer ownership of a home loan?
The new owner must fill out the application for a home loan and pay any transfer fees. The new owner must obtain a certificate of no objection from the authorities. The new owner must complete all KYC procedures with the lender. 23-Feb-2023
How is property transferred from father to son?
A gift can be considered when a father transfers immovable property to his son. According to the Transfer of Property Act the transfer of residential properties through a donation requires a registered deed, also known as a "gift deed". The document must be signed by the person who is gifting the property. 02-Aug-2023
Can I transfer my loan to my dad?
The Bottom Line
Personal loans are not usually transferable. Mortgages and car loans are the only exceptions. But even in these cases, its easier to get a new loan to pay back an existing one.
No, loan cannot be transferred... and frankly speaking thus no question arises of any cheap way... and another thing is by the time the loan is not cleared, the flat also cannot be transferred to you.
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you need to execute a gift deed and accordingly inform the bank for the same and approach them with what is your future action.. this can be done without much of stamp duty if the property is situated in mumbai
or maharashtra
or maharashtra
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Home loan can be transferred to another person if the seller decides to sell their property to a buyer. There is a process to transfer home loan from the seller to buyer. The seller must provide a letter stating that the home loan has been foreclosed to the buyer.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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