Gift deed

Amol Patil (Querist) 30 August 2014 This query is : Resolved
pls answer to this query I have purchase a flat 1 year before the society is not yet register I want to make a gift deed of the aforesaid flat in the name of my mother she is a housewife

1.Is there any problem to make a gift deed if the society is not register

2.There is a loan on the flat can i make a gift deed will it be legally valid

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ajay sethi (Expert) 30 August 2014
you have to approach bank for NOC . unless bank consents no third party rights can be created in respect of said flat . it is doubtful that bank will consent since your mother is mere housewife and has no financial capacity to repay the loan

Rajendra K Goyal (Expert) 30 August 2014
Third party interest can not be created without the consent of Bank. Clear Bank loan first.

T. Kalaiselvan, Advocate (Expert) 30 August 2014
Third party interest cannot be created in the property when it is already mortgaged or pledged as security for the loan availed on it.