Respected madam/sir i am a banker and my wife purchase a residential plot by taking a housing loan from my bank in general public scheme. i am co borrower in this loan but i am not co owner in plot. now we want to transfer the title of plot from my wife to my name so that i can get staff benefits. is this is possible to transfer of title of plot in spouse case on already mortgadged property. please suggest the act under which if it is possible.
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1. Mortgaged proeprty can be transferred to another person provided the oan a/cis also transferred.
2.SO there is no such hindrance if your wife with the permission of creditor bank gift the plot in your name and consequently the loan a.c is also transferred to your name.
3. There is no special law for this and the Transfer of property Act very well permits this.
Another option is to foreclose the loan and then get this one fromyour wife/
1) since property is mortgaged to bank prior consent of bank is necessary to create third party rights on the property
2) if bank gives its consent wife can execute gift deed in your favour
3) gift deed should be duly stamped and registered
Dear Querist
Without the NOC of the Bank/Mortgagor the property can not be gift/sell/transfer in your name.
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She can transfer it in your name.. No matter it is mortgaged..
Your wife can execute a gift deed or a registered sale deed in your favor by obtaining NOC from the housing finance company/bank.
Then you will become the absolute owner and avail the desired benefits.
