Transfer of property

Sangeetha Chandramohan (Querist) 10 April 2021 This query is : Resolved
I stay in an apartment in Chennai which is in my father's name and he is no more now. We have a legal heir certificate in my name along with my brother and mother. My mother wants to gift this to me now. Once I receive the property as a gift, can I take a mortgage loan based on this?

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If you've inherited an apartment in Chennai from your father and your mother wishes to gift you her share, you can potentially mortgage the property. However, the process may involve ensuring the property is properly partitioned with your brother, especially if you are Hindu and the property was your father's self-acquired asset. A gift deed from your mother would transfer her share, but a partition deed might be necessary for a bank to sanction a loan solely in your name, or you could consider a joint loan.

K.S.Ramaswamy Advocate (Expert) 10 April 2021
You have not mentioned whether the flat was your father's self earned property, and if yes, whether your father has written any will about the flat?

SHIRISH PAWAR, 7738990900 (Expert) 10 April 2021
Hello,

After a gift from your mother, you and your brother can mortgage the property. Because after the gift you and your brother will have title over the property.

Advocate M.Bhadra (Expert) 10 April 2021
if you are a Hindu, now your share is 1/3rd of the property After execution of Gift Deed by your mother your share will be 2/3 rd , but not absolute. But property will remain undivided and un-demarcated in nature ,so you have to partition with your brother by a registered Deed of Partition, then bank can sanction a loan your name. Otherwise you and your brother can apply for joint loan in undivided nature of property.

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kavksatyanarayana (Expert) 10 April 2021
yes. If you are Hindu and the property is your father's self acquired property, then you, your mother, and your brother have equal rights over the property. If your mother executes a Gift deed in your favour for her 1/3rd share then you will get 2/3rds property, and the loan will be sanctioned only on the mortgage of 2/3rds property.

Advocate Bhartesh goyal (Expert) 11 April 2021
Well advised by expert M.Bhadra.I completely agree with him.

Advocate M.Bhadra (Expert) 11 April 2021
Thanks to Advocate Bhartesh Goyal.

Dr J C Vashista (Expert) 12 April 2021
Well analysed and advised by expert Mr. M Bhadra, I agree and appreciate.

Advocate M.Bhadra (Expert) 12 April 2021
Thaks to Dr. J. C. Vashista.

Sangeetha Chandramohan (Querist) 12 April 2021
Thank you so much, it was very helpful.

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