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Legality of doing gift deed of mortgage property
25-Feb-2023 (In Property Law)
Can I do Gift deed of Mortgage property. What does it will imply?does that mean the loan outstanding is also gifted and I am not to worry for the loan after that. Kindly suggest as I have a loan against property and I want to give that property to my dad but along with the loan. Is gift deed a good way to do it or any other best solution
A gust cannot be conditional you cannot gift the loan , but can make a gift deed for the property .....if you want to pass on the loan then make a sale agreement incase if further queries please contact
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Adv. Premmal Patel David
Navi Mumbai | 25+ Answers
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As per your query,
Once the property is mortgaged against loan, you cannot create third party interest without the No Objection Certificate (NOC) from the concerned person/bank. If the bank is willing to provide NOC to you for executing a Gift Deed then only you can execute the same or the same would not be valid transfer of property.
Regards
Once the property is mortgaged against loan, you cannot create third party interest without the No Objection Certificate (NOC) from the concerned person/bank. If the bank is willing to provide NOC to you for executing a Gift Deed then only you can execute the same or the same would not be valid transfer of property.
Regards
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Adv. Neelkanth Goswami
Thane | 200+ Answers
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