syam sankar (engineer) 23 December 2019

Transfer of ancestral property

My wife has got a will in her name given by her mother. This was 7 cents of land with a old house. Now we are constructing a house in this land and stuck halfway due to finance. We are planning to apply a new home loan but for that bank requires this property to be registered in my wifes name. Can anyone guide me as to how to proceed with registration of this property in my wifes name. Can a gift deed be done keeping my mother in laws living rights. This property is in Trivandrum. Please advice cost effective way.

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4 Replies

Real Soul.... (LEGAL) 23 December 2019

Your MIL can give a general power of attorney to your wife for managing property and the POA should mention that she can mortgage , or raise loan etc on the property,that is the most cheapst and easiest way and your MIL shall continue as owner of poerpty.The document should be registered and consult bank from which u contemplate to raise the loan whether that will suffice

Sb Karma 23 December 2019

Simply registered Gift deed with inclusion of your wife name,bank will satisfied by that.

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 23 December 2019

1. IF Mother-in-Law is alive, THEN she can execute a Registered Gift Deed in name of her daughter (tentatively: Stamp duty 1% & Registration 200/-).

2. FOR above there is no need for ANY type of legal documents /certificates /POA /whatever ....and Bank loan is possible on the Registered Gift Deed. ALTERNATIVELY Bank Loan can be taken in name of Mother-in-Law. AND her daughter and son-in-law, can be guaranters.

Keep Smiling .... Hemant Agarwal
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