Settlement of property under mortgage

Kamakshi.G (Querist) 21 June 2012 This query is : Resolved
My client purchased a residential plot and constructed a house in it out of his own self earned funds around 10 years back. Now recently he constructed first floor in it out of the loan taken from LIC Housing Finance. As he was 70 years old, he wanted to make settlement of that property in favour of his 3 sons during his life time itself. Now My Question is Whether Property under Mortgage with Housing Finance can be executed through Settlement Deed in favour of his sons? Please answer me.

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A V Vishal (Expert) 21 June 2012
He can draw a will and settle the property between his three sons, further in case of any liability the same can be shared amongst the three.