My Father have a 2000 sq. ft house at our home town. My elder brother have taken a loan against that property in the name of my father. He is unable to pay off this loan & have offered me to transfer the ownership of home from my father to me only. He will be leaving off his rights on home. We want to understand a process to transfer home ownership to my name from my father & a legal document that will help transfer my brothers rights on my name. What will be the appropriate procedure ?
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1. If it is the Self acquired property of your father, then your father can gift the property to you through registered Gift Deed in your favour.
2. If it is Ancestral property, then only your brother has to execute a registered Release/Relinquishment Deed relinquishing his right over the property in your favour.
your father can execute sale deed in your favour
2) loan amount should be mentioned as consideration
3) i presume it is selfd acquired property of father . your elder brother consent is not required
4) he can sign the sale deed as witness
1. Is your father alive? If yes, he alone could have executed the mortgage by deposit of title deed in favour of bank/financial institution.
2. Who executed the mortgage deed?
1. It appears that your father has availed loan from a Bank duly mortgaging his said 2000 sq.ft house.
2. So, a charge has been created on the said Bank and a security interest has been created on it against the said loan availed by your father.
3. if your father fails to repay the loan and his loan account becomes Non Performing Asset (NPA), the the lending Bank will initiate SARFAESI proceeding against your father and take physical possession of the said mortgaged property to sell it off for recovering its dues.
4. As per law, the mortgaged property can not e dealt with by the mortgagor being your father herein for which there can not be any transfer of ownership of the said mortgaged property without releasing the mortgage on it by paying off the dues of the said Bank.
5. Ask your brother to pay off his dues or settle the loan by making one time settlement with the Bank against the loan he has availed in the name of your father.
If there is a home loan on the property then you may have to first obtain NOC from the lender for such transfer and should execute an indemnity undertaking to repay the housing loan on the property mortgaged for this purpose.
Once this is done, you may s your father either to execute a registered setlement deed or a registered sale deed in your name and may ask your brother to sign the said deed/document as an attesting witness.
This would ensure the proerty to be safe and secured on your name.
