I bought a flat(in bangalore) before my marriage which is registered jointly with my mother. Now I would like to transfer my share to a close family member as a gift. The property is under home loan for a long duration. I understand that any settlement can come in to effect only after the hypothecation is removed. Now I would like to know what is the procedure to be carried out to ensure that my share goes to the family member without any disputes in future. Right now I have a new born son.
Answered on: 5/25/12, 7:36 am by RAJIV GUPTA
as your flat is hypothecated with the bank, you cannot gift the property to anyone else as you cannot pass the title of the property better than you hold yourself. unless the loan is repaid and hypothecation removed, you cannot transfer the property by way of sale or gift.
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