Namaste ji
We have a house on a home loan that we purchased in my name and my husband in 2015 in Ghaziabad.
Everything was fine we were repaying the loan until my husband became a Director of a pvt ltd company in 2015 which now has a large outstanding amount due to financial institutions. The court case is going on
The house was purchased by sale of my husband ancestral home and in addition to a loan which we had jointly taken.
Now I have proposed to transfer the house in the name of my 77 year old mother-in-law and my 19 year old son both being joint owners.
After doing so we shall dispose this house and purchase a smaller house after foreclosing the current outstanding home loan. The new house will have no loan whatsoever.
If we do so can those financial institutions with which my husband's company is involved in litigation lay claim on the sale amounts even after the house in transferred in the name of my mother in law and son.
Can the financial institutions object or block the transfer of property from my husband and my name to my mother-in-law and son's name.
Please advice.
Shivani Bhatnagar
