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Vikas   06 September 2017

Can Gidt deed be executed on an equitable mortgage property

Respected Sir/Madam my father and my uncle (my dads elder real brother)were joint owners of a residential plot which they had bought in the year 1986 within pune municipal corporation limits and stamp duty was duly paid on the plot in the year 2013 both the brothers executed a deed of declaration to separate the plot,the deed of declaration was registered in sub registrar office.It was mentioned in the deed of declaration that the north side 50 percent of the plot would be retained by my father and the south side 50 percent of the plot would be retained by my uncle,both the north and south side has main road access. In the Year 2014 my father,myself and my mother we jointly applied for a home loan for construction of a bunglow on the said 50percent northern side of the plot.Initially the first bank our home loan started in the year 2014 had done a registered mortgage on our property,in the year 2015 we needed additional top up loan and we got a better deal from a nbfc,we transferred the loan to the nbfc and got the release deed executed on our property after the dues of the first bank were cleared by the nbfc.The nbfc did an equitable mortgage on our property by taking all the original documents of the property, We still haven't taking a completion certificate in the bungalow and its nearing completion,we also have balance fsi remaining in the bungalow.We plan to shift in the bungalow in the month of dec. My queries are: 1) Can a gift deed be executed by my father to me even though the property is on equitable mortgage?or we have to clear the home loan first and then get it done.The reason to execute the gift deed is primarily because my father age is 60 and we dont get a home loan for a longer tenure because of his age.I being just 30 years old is eligible for a 30year tenure home loan,we are self employed me and my father and work together in same firm hence i want to have a max tenure 30 years home loan so as i can reduce the emi burden and use the savings to invest in my business. 2) Is the Balance Fsi saleable in form of tdr?

 1 Replies

Sandbpunekar (Homemaker)     06 September 2017

Executing gift deed atttracts stamp duty and registration fees. You may approach the bank and become a co-applicant for loan.In your case Bank may consider long term loan on basis of your repaying capacity and mortgage of father's land for housing loan. In your case loan is transferred for housing purpose from one institution to another. It is difficult to get additional loan even FSI is in balance due to reason that previous loan is outstanding. You consult nbfc for their policies and your requirement.  Regarding sale of FSI consult approved architect of corporation.

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