I've purchased a plot 5 years back and registered on my parents name (both father and mother).
I registered in their names to keep their fear away that I wont take care of them in their old age.
And after an year, I have taken 15 lakhs housing loan making my mom as primary applicant, my father and me as secondary applicants.
My parents are my dependants (no business). I'm paying the loan EMI for the past 4 years.
I have two sisters who are got married and settled.
Now my parents realised that this property will be shared to all 3 children (2 sisters & me) after their period.
Since I bought the property, and I built the home by taking loan, they want to give the property back to me after their period.
They wanted to make a will saying that this property has to be for my son (me) after they die.
All the original property papers are with the bank. Is it possible to make will without original papers and having active loan ?
could some one please let me know the procedure to get the will done or any other alternatives?
A WILL may or may not be registered, it's Validity is not affected.
Bank retains its charges over the property till all the dues are satisfied.
A person can make WILL or gift the property, legally owned by him, even if it is pledged.
Original documents are not necessary for the will. One may even provide the copy of such will but the only precaution is to get it signed by dependable witness and it should remain as final always, and some one should not extract any other will after execution.
If possible, let sister's also sign the will though ti is not necessary as independent witnesses are enough. Let the will specifically say that it is self earned property of son, kept in the name of karta, and the family is undivided and with the condition that the property should always remain as self earned property of son only, and the purpose is only to give security for old parents.