Gift deed / transfer deed / family settlement deed

Gopi Krishna (Querist) 17 May 2024 This query is : Resolved
Hello me and my mother has sold the property in the year 2010 which is owned by my father to my brother and my sister-in-law as part of developing the property reason being at that time i am a student .
subsequently my sister-in-law expired in the year 2019 leaving my brother and her daughter as legal heirs of that property now.
Now we want to sell the property we are planning to execute a deed giving equal rights to me,my mother and my brother.
The property is under Home Loan now so Pls suggest which deed would be better to execute to make the transaction clear and also can we execute any of the deeds like Gift Deed / Transfer Deed / Family Settlement Deed as property is still under Home Loan.Please suggest

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Quick Summary

This discussion explores the suitability of Gift Deeds, Transfer Deeds, and Family Settlement Deeds for transferring property rights among family members. A key point raised is that transferring property is not possible while a home loan is active, as the bank holds the mortgage. The advice is to clear the loan first, obtain a no-due certificate, and then proceed with a registered Family Settlement Deed based on mutual agreement. There's also a query about the original ownership and heirship if the father, the original owner, is deceased.

T. Kalaiselvan, Advocate (Expert) 17 May 2024
Any deed to divide or transfer the property from one person to another or others is not possible now as the property is under mortgage home loan.
The property now belongs to bank/lender, hence first discharge the entire loan amount, get a no due certificate and redemption duly registered after which you can decide about the mode oftransfer accordingly.
It is suggested that you can go for a family settlement deed as per the mutually agreed terms and condition and get the deed executed by a registered document.

kavksatyanarayana (Expert) 17 May 2024
You and your mother sold your father's property in the year 2010. At that time, is your father alive or not? As the property is in your father's name and if he is no more, your brother, your mother and you are the legal heirs of your father, and you and your mother sold the property to your brother. So you and your mother have no right over the property as per your statement in the query.

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