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)

106 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

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324 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.


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