Sid 03 October 2017

Relinquishment deed after gift deed

Dear All,

Problem : I have a property which was in name of my late father and according to the will my mother is now the legal hire. We are two sons and my mother executed a gift deed for my portion to me i.e., half of the porperty and my brother also provided me with No Objection Certificate.

Now I went to bank to get it mortagaged just my portion(one floor), so the bank lawyer says it should have been a relinqushment deed not a gift deed, hence denying the loan.

Questions :

1. What is the major difference and is the bank right ? And what can I do next?

2. Can I now go for relinqument deed but according to gift deed it already belongs to me.(Can my mother execute the relinqush deed for a property that is now legally mine)

Reply Follow

2 Replies

Siddharth Srivastava (Advocate) 04 October 2017

The objection of Bank is baseless. You are owner of property is a fact on the basis of which you are asking for loan. No other documents is required to be executed. Get the property mutated on the basis of gift and then apply again for loan with some other banks.

Sid 04 October 2017

Hi Sidharth,

Thanks for the response.

Just wanted to confirm, Since mutation is provided by MCD and it is just a mere tax collecting authority.We have submitted the documents to MCD stating change of owner and also has the book record entry number. Dos this suffice or I need an official letter from MCD stating mutation of property.