• Transfer property to son's name if the sale deed is with the bank

Hi,
I have a property which is under my mother's name and we constructed a house by taking a loan from the bank. The loan taken up was in my name as my mother is not a home maker and the bank has all the documents of the property. Due tome asking to change the property to my name, fights happened and my parents asked me, my wife and kid were asked to move out of the house saying they would take care of themselves and not to interfere. So i stopped paying the EMI's and now they came back asking to pay the EMI and to promise to register the property to my name. How can i guarantee myself with getting that property under my name and with no objections
Asked 7 years ago in Property Law
Religion: Hindu

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4 Answers

1.They can make a gift of part of the propety to make you its co sharer.

2,In other words your mother can transfer half of her sahre in the land in your name whereby you become its co sharer and thereafter you can not be evicted out of the land.

3. So meet a lawyer and get a gift deed done in your name.

Devajyoti Barman
Advocate, Kolkata
23198 Answers
511 Consultations

If the property is in your mother's name, then after obtaining NOC from bank she should transfer the property by a registered document in your favour.

This will help you secure the property

T Kalaiselvan
Advocate, Vellore
87007 Answers
2335 Consultations

1)your mother should write to bank to furnish its no objection for execution of gift deed in your favour of the house

2) since the loan is being repaid by you the bank should have no objection for execution of gift deed

3) then your mother can execute gift deed . it should be duly stamped and registered

4) you can repay the loan

5) if bank does not give its consent your mother should execute MOU wherein it is agreed that on loan being repaid house would be transferred in your name .

Ajay Sethi
Advocate, Mumbai
96808 Answers
7811 Consultations

Take a registered General Power of Attorney, duly executed by your mother in your favour, with your father as the consenting witness, this should empower you to deal with the property exclusively and completely including the power to sell, transfer or convey the ownership in any person/s favour including in favour of your wife. This power of attorney must be entirely irrevocable.

Till the loan is cleared keep this document, once the loan is paid off, get the property duly registered in the name of your wife, you as the PA Holder for your mother can do this on her behalf.

In case your parents do not change even after the loan is cleared off, then get a Gift Deed executed from your mother and get a cancellation of GPA duly registered after the registration of the property in your name.

Kiran N. Murthy
Advocate, Bangalore
1298 Answers
194 Consultations

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