Transfer Property to my Brother.
Varsha
(Querist) 30 October 2010
This query is : Resolved
Hi,
I had taken a housing loan and purchased a house recently.
Now as I am getting married i want to transfer the house in my brother's name. I also want to transfer the loan to him.
How can I do this with minimum transactions and cost?
Please advise.
Regards
Varsha
Devajyoti Barman
(Expert) 30 October 2010
You can do so by way of gift deed. For transfer of loan have a talk with the bank officials.
s.subramanian
(Expert) 30 October 2010
Bank's consent is not necessary at all. If the property is validly and lawfully transferred,the burden of discharging the loan dues in upon the transferee.
Parthasarathi Loganathan
(Expert) 30 October 2010
I beg to differ with our experts. House is the primary security for housing loan and the property is mortgaged to the bank where the borrower becomes the mortgagor and the bank becomes a mortgagee. In this situation, the title of the property neither be alienated to any third party not loan liability transferred. The best option is the author to apprise the facts to the bank and get the loan account closed in full quits. Get the title deeds released. Transfer the title to whosoever he wants and against mortgage the property in his brother's name to raise any loan if required. This is the practical solution and is legally tenable in the interest of both bank and the borrower.
Sri Vijayan.A
(Expert) 05 November 2010
Sorry, I differ from the views of Mr.Partha and agree with Mr.Subramanian.
A mortgaged property can be transfered with the liability of discharging
Sri Vijayan.A
(Expert) 05 November 2010
Dear Varsha,
You can execute either a settlement deed or gift deed.
Minimum cost for both the above deeds
