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VIJAYNARAYAN (FREELANCE EDU CONSULTANT)     25 November 2015

Settlement of property

Dear ALL

my house is under mortgage. me & my wife are joint owners. We wish to settle the property to our son & daughter. can we execute settlement deed while the house is still under mortgage loan  



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 4 Replies

adv.raghavan (Advocate,9444674980)     25 November 2015

Not advisable and it wont be a valid transfer.

Kumar Doab (FIN)     25 November 2015

Either settle the loan and obtain NOC/NDC, final statement showing NIL Balance and obtain the original title deed from bank and settle in any manner as deemed fit.........

Or write a valid WILL (preferably registered).

 

Otherwise also the legal heirs shall have the option to settle the loan and free the property from encumbrance/debt.

 

If you are concerned, you may also get the documents showing legal heirship for your family.

 

 

VIJAYNARAYAN (FREELANCE EDU CONSULTANT)     25 November 2015

Dear Raghavan & Kumar Doab

thanks for the response and clear guidance 

Kumar Doab (FIN)     25 November 2015

You are welcome.


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