Ankit 16 October 2017

Request for information possible ways to share a mortgaged property

My brother has a property which is under loan from Bank for a term of 20 years. After a term of 10 years, me and my brother decided to share the same property (and I shall pay the rest of 10 years term). Now legally what all options we have. Can my brother make a Gift deed for 50% of the property and share it with me? Do we need to go for re-registration ?

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3 Replies

saravanan s (legal advisor) 16 October 2017

Since the property is under mortgage no transfer can be made without the permission of the bank

manoj 17 October 2017

Even if your property mortgaged with bank, it is not bar for alienating the property to third parties, but you should inform the buyer regarding the bank loan other wise the buyer can file criminal complaint for supressing the facts

manoj

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