Release deed.


Sir / Madam,

Me and my wife own a flat jointly which is mortgaged to a bank. Housing loan is in both of our names but income proof is of mine and EMIs are being paid by me.
Due to personal reasons we have decided to divorce. Now can my wife execute a release deed wherein she releases her rights on the property. Are Release deeds executable during mortgage period?
 
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Yes ,
or you can opt for gift deed.
 
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Sir, 

Can gift deed be done for self acquired property?

Will I be able to transact  the property on my own 

 Keeping this gift deed?

 
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Hello,

As per my opinion, release deed while flat is mortgaged is not possible. It is only possible if bank allows you to execute release deed.

 
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Yes,  your wife can relinquish her share by executing registered release deed with the permission of bank as property is mortgaged in bank.

 
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Advocate

yes i do agree with experts answer. first you need to obtain banker permission 

 
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ha21@rediffmail.com Mumbai : 9820174108

1.  "AFTER"  taking NOC from financing Bank, Wife may execute a proper Stamp Duty paid & Registered "Gift Deed" in your favor.  Release Deed in such situation is not possible.

Keep Smiling .... Hemant Agarwal 
VISIT:  www.chshelpforum.com

 
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Sir, 

Bank is not giving NOC for executing Release deed.

Can gift deed be done under this circumstance without permission from bank?

Is original property papers needed at Sub registrar office during execution of Gift deed or a photocopy will suffice?

 
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ha21@rediffmail.com Mumbai : 9820174108

1. When immovable property is already Mortgaged to a Financial Institution, THEN executing Sale /Gift /Release /Donation or any type of Deed, shall result in prosecutable offences, leading to minimum Three years of Free Lodging & Boarding in the State Prison.

2. Bank is concerned with their outstanding amounts. You may give undertaking to bear entire liability & provide additional surety, if needed by Bank, to further your objectives.

Keep Smiling .... Hemant Agarwal 
VISIT:  www.chshelpforum.com

 

 
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Sir,

The problem is banks usually don't give NOC in these type of cases.

Private banks just get signatures in Memorandum of deposit during loan sanction and doesn't get it registered in sub registrar office. Bank just keep this MoD as a stamp paper in their custody. As such, the mortgage details won't reflect in encumbrance certificate. Therefore, the sub registrar won't have objection in doing these deeds.

Suppose my wife (who is a co owner and co applicant of loan) executes a release or gift deed in my favor without obtaining bank's consent and thereafter I will inform bank about this and later if I do a Memorandum of deposit in favor of bank and reconsider the loan in my name alone, will this attract any legal complications?

Can I put an email to the bank intimating that their non response in giving an NOC after several reminders and attempts have put me in a situation to execute release deed on my own.

Kindly provide opinion.

 

 

 
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