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Sudhir Gupta   05 September 2023

Gift deed for a mortgaged property

We have a residential property under the joint name of myself and my wife. We intend to execute a Gift Deed for this property, wherein my wife (Donor) shall gift her share in the property to myself (Donee). All EMIs are 100% paid through an ECH arrangement by myself from my registered account, and further the same arrangement shall continue. I am the primary borrower in the home loan and my wife is the co-borrower.

Q1 - Can we execute the gift deed, despite the property still being under mortgage?
Q2 - In case we go ahead and execute the gift deed without taking NOC from the bank, will that gift deed be still applicable once the loan is 100% paid by 2027?
Q3 - Will the bank hand-over the original Property documents to a single owner, once the loan is 100% paid?



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 1 Replies

Real Soul.... (LEGAL)     05 September 2023

You can execute the gift deed and there is no harm in that, or otherwsie you can make a registerd will deed . Since your wife is not selling but gifting her share to you the bank has nothing to do with that, just specify the property properly and register the gift deed.

 

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