Legality of doing gift deed of mortgage property


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

Answers (2)


340 votes

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


Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

162 votes

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

Popular Property Lawyers


Advocate Rajesh Rai
Sector-19, Dwarka, Delhi
20 years Experience
Advocate Sunil Kumar Bakshi
Sector-16, Faridabad
33 years Experience
Advocate J. P. Rinwa
Swej Farm, Sodala, Jaipur
19 years Experience
Advocate Jaspreet Singh Rai
Greater Kailash 1, Delhi
17 years Experience

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or contact a Lawyer of your choice to address your query in detail.

Related Questions


"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."



Related Articles