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Transfer flat in parents name

(Querist) 30 June 2016 This query is : Resolved 
I have a flat bought through home loan and presently in my name.
I still have some principal outstanding for the loan.
I want to transfer the house in my parents name.

How to do so while the loan is still pending?
How to do the name transfer if I repay whole loan?
R.K Nanda (Expert) 30 June 2016
First pay loan and take NOC from bank .
Kumar Doab (Expert) 30 June 2016
Post closure of the loan and issuance of NOC the transfer can be as per extent Act/rules/bye laws.
Rajendra K Goyal (Expert) 30 June 2016
Closure of loan account is necessary for transferring the flat.
RKP (Querist) 30 June 2016
Thanks all for the suggestions.
adv.bharat @ PUNE (Expert) 30 June 2016
First clear all loan amount then only you can legally transfer it.
PARDEEP KUMAR (Expert) 01 July 2016
Clear the loan amount, obtain closure certificate from Bank and then you can transfer the Flat to your parents via various provisions. The best option would be through 'registered Gift Deed'.
H.M.Patnaik (Expert) 01 July 2016
Nothing more to add. However, if the outstanding loan dues are substantial,discuss the matter with your banker whether there is any possibility of substitution of borrower.
RKP (Querist) 01 July 2016
Thanks all for the suggestions.
Dr J C Vashista (Expert) 06 July 2016
Is it a legal problem?
Repay loan, take NO DUES and execute gift.


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