No it can't be gifted without release of the mortgage and box of the bank
Will the mortgaged house under a bank can be gifted to my son without the consent of the bank?
Sir, i have three wifes. 2sons n a daughter, (married) for first wife.,a son for second and no child to third through me but a daughter(married 3yr back) thru former died husband. I have built a house n homeloan is availed jointly with first wife's first son, (CG employee). Now, he is paying the installments from the first and looked after all my first family. Second wife is seperated n made her son a software employee living away from me.Third wife is with me now in seperately. As the property of the house is in my name, i eant to gift the house mortgaged under bank in the name of my first son who is unofficially paying the loan as co borrower to the bank. As the fault is my side iam just dominating and making the families run despite not going for fight n kept my sons n wives under my foot. Now what is the procedure to gift or register the mortgaged property. The bank manager is saying "how will you transfer once the mortgage is still in due course." But few members saying "yes you can be gifted/cannot gifted but registered tom your will and the manager is not have enough knowledge to advice you." So please guide me as my first son is forcing me to make the property as his own as he is paying loan unauthorizedly. If not, i will approach court. Then, what complications did i have to face. Is it right to keep my child still under foot? Or to make a sense? Please suggest, as i have been * cursed for my faulty steps in the young age*
Asked 6 years ago in Property Law
Religion: Hindu
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12 Answers
Since property is mortgaged you need bank consent to create third party rights on property
2) you can bequeath property by will
3) will takes effect on death of testator
1. See you cannot gift property until it is mortgaged by the bank you don't have any right. You can make registered will in favour of son to secure the right but at present it cannot be gifted without clearing the loan.
So in your case best thing you can do is make a will in favour of son for flat.
Dear Sir, then how can i do justice to my first son n how can i save the property for which he is paying now the installments but he might get a proportion of my property as my mind may change based on priorities of thinking of one of the other wives n children. So, please give me solution how to make the property my first son has the only right on this house n he should face any other legal problems from other wives n my son/daughter lateron. At present, im not in a situation to pay the all loan n release the mortgaged property to make register in the name of my son..n to make a will, my mind may change due to rapid influences of other relationships. So, please make me aware of the correct option to continue the loan n make the right of the property to my son wholelly with a minimum charges of bearing lessthan 2lakh either register or with the consent of bank... Whatever it may be... Just putforth the answer to make my son own the right of my house property n not to others... Without legal issues in future, even from my side. Thanks and regards in advance.
Asked 6 years ago
execute sale deed in son name with bank consent . it should be duly stamped and registered
2) loan will be transferred to son name
3) he would be liable to repay the bank loan
See you can apply for NOC from bank if the son is applicant in the loan if bank provide NOC and release then only it can be gifted otherwise will is.only way there is no way around.
You need to approach the bank with a request to permit you to execute a Gift Deed in favour of your son. 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.
you can also execute a registered will in favour of your son.
You can execute a registered will in his favour if you are the exclusive owner of the property. It will be effective after your death
Dear Sir
- you cannot make gift deed of the property mortgaged with bank without the consent of bank.
- so you have to get the consent of bank to make gift deed valid.
- the option you can try is transfer the ownership of house as well as loan to your son with the consent of bank. as he is all ready paying the EMIs unofficially then after loan transfer he can pay EMI officially.
The property under mortgage loan cannot be transferred to anyone by any method before discharge of the entire loan and get back the title documents.
If at all you want to give it to your son alone, then you may transfer the same by a testamentary disposition i.e., by a registered will so that he will be satisfied.
Legally you cannot transfer the property to your son by any other method except by bequeathing the same through a registered Will.
If you try to do any other act of transferring the same to your son during the pendency of the mortgage loan, you can be booked for a criminal offence of cheating if bank comes to know about it and initiates legal process against you through police.
Better understand law which is above your sentimental issues.
- As per the information mentioned in the present query, makes it clear that you want to give right to your son on which only he has the claim.
- Yes, bank is rightly saying in the sense that you can’t create a executed document till the tile mortgage is on.
- And if you do so, then also that deed will not be having any legality in he eyes of law.
- But, yes if you can change the name of he person to pay the loan to the bank and that person (your son) give affidavit to the effect to the bank then you can executed the same gift deed which will be in execution when the loan gets over.
