your son would need bank consent to execute gift deed in your favour

2) bank would refuse to give sanction for gift deed unless loan is repaid

1. The name appearing on a title deed is considered to be the co owner of the property and it doe snot make difference how much he has paid unless it has been specifically mentioned in the deed the allotment of share to the co owners as per their contribution in payment of consideration money.

2. So f your son wish to remove his name from the title of the property he will have to make a gift deed in your name.

3. If the property is mortgaged with a bank then the consent of the bank is required. Otherwise clear the loan first and then make this gift deed.

As the EMI is paid by you a settle deed from the son for the purchase of his share is a possibility but you can hold the transfer till the loan is complete.

The deed should be made in such a way that the property should be transfer on expiry of EMI and the payment can be done now as advance.

If your son is only a co-borrower and not a coparcener, then, the settlement deed can be executed between the parties. However, his liability as a co-borrower shall survive even after the execution of settlement deed.

Firstly, once the name of the borrower and co borrower is entered into the property document then it is quite difficult to amend the same.

Secondly, as it is the liability of both the persons to repay the loan.

Thirdly, but, yes if a settlement deed is made and approved by the bank with conditions been mentioned there as only the first borrower with pay the loan amount as the second one has got settlement deed signed by both the parties.

Dear Client,

Settlement deed / release deed possible between co owners only.

During mortgage, transfer of ownership in property will be violation of loan agreement but not illegal.

So until u do not default in paying EMI, no questions ask.

Go ahead.

1. Settlement Deed can be executed AFTER taking proper NOC from the financing Bank.

2. The copy of the settlement deed may be submitted to the Bank, to remove Sons name from the Loan documents and also from the Society /builder /revenue records.

Keep Smiling .... Hemant Agarwal

With banks permission you need to get your son transfer his share in the property to your name by way of registered gift or sale, only then you should return his money.

Without banks permission you cannot get the share in the property transferred to your name.

Hello,

he may relinquish his share in the property and you may then pay the said amount to him.

A relinquishment deed will have to be made and registered in order to execute the plan that you are referring to in the question.

regards

while the emi and loan is there noc from bank is required to create a settlement deed or the relinquish deed in your favour,

After settlement deed can be further submitted with bank

1. You will have to sign a release deed with your son in which your son will be releasor and you the releasee. The consideration will be the money paid by your son to the bank as a co-borrower.

Yes, provided you can manage ICICI people.

Since he is the co-borrower, the bank has to give NOC for his proposed setlement transfer to your name and to get out of this loan.

Also you may have to replace a suitable co-borrower.

You can talk to the bank authorities in this regard who will be having a set of forms for completing further formalities in this regard.

Yes, you can make POA on your name and get registered along with settlement deed and to remove his name as co borrower list.

Take NOC from ICICI Bank to settlement deed.