Hello, I have 1 property with 16 lacs loan against property on it. flat cost is around 36 lacs as per government value. Said flat is on the name of my father & me jointly. now due to some family disputes father want to sale property to me or my wife or both jointly ( me & my wife).
so below are my queries.
1) is it possible to sale property between family members?
2) if yes. can we ( me & my wife) get home loan against it (we are eligible for 22 lacs.)?
3) my father want me to re-pay 16 lacs loan only which he took against property and get ownership of property.
4) we are eligible for around 22 lacs loan. but have limited cash for down payment, Stamp duty & registration. its around 2.5 lacs only. so we can arrange only 25 lacs. ( loan + cash)
4) I want 16 lacs home loan only to repay father's loan against property and get ownership.
but I heard from my friend that for sales deed I have to pay 20% amount plus stamp duty amount. and rest I have to pay in home loan around 28 lacs for which I am not eligible.
please advice.
Your father can execute Deed of Gift in your favour in respect of his undivided half portion and in that case only 0.5% of the market value(as asertained by the concerned Registry office) of that undivided half portion of the property has to be paid as Stamp Duty and 1% of the market value(as asertained by the concerned Registry office) of that undivided half portion of the property has to be paid as Registration Fee .
