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sudherrrrr (design)     14 July 2016

Land transfer

Dear sir, i was purchased land in home town with name of me and my brother. 2014 i got home loan rs.18lakh by using this property. and house construction is completed and now my parents are living in my home. and i started pay my EMI 20kper month. my query 1) now i dnt want keep any property in my name? But i want keep this loan. 2) How to transfer this property to my mother name? Please guide me Thanks



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 4 Replies

Gagan Kumar (Lawyer)     14 July 2016

Hi Sudher

Forum discussion may not give you concrete solution. You need to consult a lawyer over the phone or need a face to face consultancy. If interested you can contact GK & Advocates Law Firm (www.gkandadvocates.com). It will save your time too.

Bharatkumar (ADVOCATE )     14 July 2016

Hi,

(1) You purchase new property in your name but not take loan till not pay full loan amout on previous loan, if as per your return you can liable to take more loan thenafter Bank give a loan.

(2) when you pay loan amount thenafter transfer this property in your mother name. 

Thank you.

 

sudherrrrr (design)     14 July 2016

i was purchased land with my name and my brother name. 2014 i got home loan rs.18lakh by using this land. and home is completed and now my parents are living in my home. and i started pay my EMI 20kper month.

my query

1) now i dnt want keep this land in my name? But i want keep this loan.

2) How to transfer this land to my mother name or my brother name? Please guide me Thanks

loyolagbabu (Assistant)     16 July 2016

Query 1 : Since you have taken loan from a bank or financial institution, you would have executed Memorandum of Title Deeds in favour of the banker. No alteration can be done in it legally with the consent of the banker. You cannot convince the banker that you wish to transfer the property in your brothers name and still wish to pay the EMI.

Query 2 : You can transfer if you close the loan and take NOC to relase the MOTD. 


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