Hi,
I am having a flat in Thane which is on my name with me as main owner and on my mother's name as co-owner. I have taken a housing loan which is still running and I am paying the EMIs regularly.
Now I want to transfer this flat on my younger brother's name keeping my mother's name intact. So that the property should be on my younger brother's name who will be main owner and on my mother's name who will be co-owner. I was suggested that I will have to do Gift deed for this to happen.
But I had few queries:
1. Can the gift deed happen in this case when there is existing housing loan running on this flat on my name? Or do I need to clear the home loan first and ONLY THEN I can do gift deed. Is it the case?
2. I also wanted to transfer this housing loan on my younger brother's name. Is it possible?
Thanks,
Sangram
