Transfering property which is under bank due to loan

venkatesh (Querist) 29 March 2012 This query is : Resolved
Hello

I built a house on a plot which is in my mom's name and the document is in bank due to the loan i took for the construction. Now i would like to change the property to my name since i purchased (in my mother's name) and built the house on my own. Loan is in my name and mother's name. My mother is not working.

Please tell me how to transfer the property to my name, the property documents are in the bank

Thanks

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adv. rajeev ( rajoo ) (Expert) 29 March 2012
to transfer the property in your name not easy now because it is mortgaged to the bank, bank permission is necessary.

SAINATH DEVALLA (Expert) 29 March 2012
Dear Venkatesh,

You can do so only after getting NOC from the bank.

venkatesh (Querist) 29 March 2012
Sir, could you please tell me how can i proceed with the bank to get the permission. I have no clue how to proceed with this.

Thanks

ajay sethi (Expert) 29 March 2012
make an application to the bank for NOc to transfer property in your name . bank will agree only if loan is repaid or you in position to pay the install ments on transfer of laon .

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