Bank loan on gifted property...

Guest (Querist) 01 December 2008 This query is : Resolved

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Manish Singh (Expert) 01 December 2008
the property is being gifted that means now you shall be the owner so you can take bank loan over such security.
no ypur father cant take back the gift in future.
in general the donee (you) registers the gift.
for loan, it may take around one month.

G. ARAVINTHAN (Expert) 02 December 2008
Gift cannot be revoked unless it is a death bed gift.

After the execution or registration of the Gift deed, the property mentioned in the gift deed belongs to you and you are the owner of the said property.

You can get loan from bank based on the property security

Adv.Shine Thomas (Expert) 03 December 2008
You can take bank loan.Once the registration of the property is completed and you have got the possession over the property,it cannot be revoked by your father in future.

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