Sai (Senior software engineer) 18 February 2014
Hi,
Myself and my brother bought an individual house on joint loan from a private bank, an year ago. We are still paying loan and the duration is 20 years.
Both of us would like to gift the house to our mother, such that the house would be on her name until she lives and will be ours after her.
We want to gift the house in terms that she will not have any rights to sell without our approval.
Could you please suggest how can we exercise above requirement legally.
Thank You.
Vasudevan (AO) 18 February 2014
You are not the absolute owners of the property as it would have been mortgaged with the bankers. You have only enjoyment right. Hence you cannot gift the house to your mother till the loan is cleared and reconveyance deed is executed, if it was already mortgaged.
V. VASUDEVAN
Anil Upadhyay (Lawyer) 18 February 2014
Only owner has right to gift or sale .. you both may be able to gift it to your mother, only after receiving NOC from banker and transfer of absolute ownership...
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