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Gifting of House

(Querist) 11 June 2009 This query is : Resolved 
dear experts,

i along with my brother bought an independent house in Raichur(Karnataka) in 2003,while applying housing loan i was not eligible for housing loan, so my brother applied for housing loan and my father is also co-owner of this house.
but from the beginning i was only paying for all the EMI's. Legally my brother and my father is the owner for this house.
now i have discussed with them to transfer the house to my name and i will be continuing the remaining housing loan.
Even both agreed to transfer the house to me.
now my few queries are as follows.

1 Can they (bother/father) GIFT this house to me.(Still loan is not closed )

2 if Gift is not possible what are other ways of transferring the house to me and i should be able to continue the housing loan in my name so that i can enjoy the tax benefit

3 i have one younger bother and elder brother and one younger sister, do i need to make any kind of legal agreement with them also so that i should not facing any legal claim on this property in future.
sanjeev murthy desai (Expert) 11 June 2009
Dear Ayyanna,

If the Bank is agreed to transfer the loan liability in the name of you instead of your brother and father, then you can acquired that property thorugh the Gift Deed executed by original owners who acquired that property through the title deed.

At the time of execution of the gift deed you can make the parties of your all siblings as a confirming parties/ consenting witnesses in that gift Deed.

Firstly clarify that you are purchased that property along with your brother, later next para you mentioned as you was not eligible housing loan and also stated that legally your brother and father is owner of the house. If the proeprty purchased you and ur brother how your father became as the owner?

Manish Singh (Expert) 11 June 2009
MR. Desai has answered rightly and raised vaild questions.
since you say that you are payinf the emi means you have been paying the emis to your bro and he is payinf it further to the bank from his account.
gift deed can be done by father and your brother on your name. no other deed is necessary fom any other siblings but as Mr. Desai suggested it ould be better if the other siblings becom the confirming parties.
ayyanna gurikar (Querist) 11 June 2009
Thank you very much sanjeev and Manish.
to clarify futher,
Initally when i applied for the hosuing loan(2003), bank told that i'm not elgible for the loan due to the salary and work exp. due to this i requested my brother to apply in his name and i also requested my father to become the co-owner of this house.
every month i was paying the emi money to my brother and he in turns paying to bank.
now i'm planning to take it completly on my own.
Will Bank agree for this property Transfer ?
Manish Singh (Expert) 11 June 2009
if you are being gifted some property the ank will not have any problem provided you inform the bank about all the developments. let your bro keep paying the emi.
ayyanna gurikar (Querist) 11 June 2009
Once again Thanks for the quick and accurate resp.
adv. rajeev ( rajoo ) (Expert) 11 June 2009
I agree with Sanjeev and my suggestion is that u can also get it transferred the house in your name by way regd., rights relinquish deed. Ur father and brother has to exeucte it, it is less expensive.
ayyanna gurikar (Querist) 11 June 2009
Thanks rajeev,
I thought "rights relinquish deed" can only be made when doner is not alive.
can we use it when doner/doners are alive?
Kindly let me know which i need to go?
Uma parameswaran (Expert) 12 June 2009
If a property is pledged for loan and the same property shall not allowed to transfer with out Bank’s consent. Gift deed or sale deed is considered favorable for you. For these two deeds prior permission from bank is necessary.If all the requirments needed for loan can be fullfilled by you then Bank will be ready to give consent for transfer .
adv. rajeev ( rajoo ) (Expert) 12 June 2009
No it is not like that, the family members can execute the rights relinquish deed.
adv. rajeev ( rajoo ) (Expert) 12 June 2009
No it is not like that, the family members can execute the rights relinquish deed.
Uma parameswaran (Expert) 13 June 2009
The Property is in the name of father and brother .It means that you are not the owner of the said building and at present you have no right over it. If so by writing a simple religuishment deed how a person will get right over the property without change it into his name.

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