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How can any gift deed be made if property is mortgaged in bank
05-Oct-2023 (In Property Law)
Me & my spouse own a joint property and a joint housing loan. I am transferring my share in property in her name and she shall take up the loan liability. can we register the gift deed while the property is mortgage with bank? what should we approach the bank with?
The solution lies with the Bank itself. Just approach the Bank and request them with the formalities and they shall guide you with the procedural aspects. Take it in writing from them and proceed accordingly.
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Adv. Ramgopal Aiyer
Navi Mumbai | 200+ Answers
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You need to approach the bank with a request to permit you to execute a Gift Deed in favour of your spouse. Once the Bank gives your permission, you may execute a Gift Deed and register the same with the Sub-registrar of assurances even though the property is mortgaged with the bank against housing loan.
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Adv. P A Narayanan
Mumbai | 25+ Answers
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