Legal Question in Real Estate Law in India

I am from Chennai, Tamil Nadu, India.
In 2010, my father used the house registered in his name as security and co-signed an education loan for me.
We are currently paying back the loan and interest at a steady rate.
Is it possible for my father to register (transfer the ownership of ) the house in the name of some one who is not part of our family ? Please note that the house is not a family heirloom and was bought by my father.

Asked on 4/08/13, 8:55 am

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08.04.2013

Dear Sir / Madam,

(Alandur, Kanchipuram, Tamil Nadu)

Till such time as the educational loan is not fully repaid to the bank, your father cannot sell or transfer the house to anybody else.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

Answered on 4/08/13, 9:03 am

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Till the house is mortgaged, ownership cannot be transferred as per law.

Log on to my website www.karvai.in for further guidance.

Answered on 4/08/13, 8:47 pm

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