My grand father has his house in Delhi, which after his death was transferred to my fathers name at the time of reconstruction of the property. After reconstruction one floor was registered in the name of the builder in exchange of the complete house construction. After reconstruction, I got one floor in my names as registered gift deed from my father. Now my father wants to take a loan against the balance two floors of the property. I want to understand that will the floor registered in my name also become a part of the mortgaged property or it will not be counted. And in case if in future my father is not able to pay the loan installments, will my registered floor also be counted by the bank for the purpose of loan recovery.
1) once gift deed is executed duly stamped and registered you would be absolute owner of the property
2)floor registered ion your name does not become part of the mortgaged property as no loan has been taken against your flat
3)in case your father defaults in repayment of loan your flat would not be sold to recover bank dues
The floor already gifted to you by your father, will not constitute a part of the mortgage, for the reason that your father has already divested his right upon this floor with the gift deed that he has drawn and executed in your favor.
Bank can't take any action against you or your ownership of your floor incase of your father's default to clear the debt her owes to the bank.
Yes, it can be possible but be prepare if your father would not be able to pay.
And consult from the banks also about the amount of loan on your specified property so that if in case you would be able to pay that part only, and save your part at least.
1. A person to acquire loan by way of equitable mortgage requires to be its owner .
2. So your father after gift of one floor becomes divested its ownership and hence he cannot take any oanf on it.
3. If he takes then it would be based on fraud and misrepresentation and hence not binding on you.
bank does not have any right to take action against you in case your father defaults in making the payment, since the floor has been gifted to you by your father and the same does not form part of a mortgage since your father has already divested his right upon this floor by means of a registered gift deed.
Regards
Hi, your father can only mortgage the floor of his share against the loan leith the bank ... Similarly in case of default bank can only claim on the property of your fathers share and not yours
Once a property is gifted through a registered gift deed you become a absolute owner of the property and your father can not mortgage it.
under the flats if it is mentioned in your gift deed that you are owner of the undivided share in the land property, even though your father not paid the mortgage money to the Bank, the Bank has right to cease only the flats mortgage along with the undivided share of land property.
Since your father's life time the property is your father and he can take loan from bank to mortgage the same.Atfer mortgage he can not gift or sell to anybody and default to repay the the loan, the lending bank can sell the property and even after death of your father you are liable to pay the bank loan if outstanding.
Unless the loan is taken on the property registered on your name, it can not be part of the mortgaged property.
if your father takes a loan after a pledging of his two floors they entire burden on your father only connecting with the repairment of loan
Your father can get loan against his floor and in case he includes your floor, you will be co-borrower. In case you do not want to mortgage your floor, ask your father to mortgage his floor only. If you do not mortgage your floor, you floor will not be counted by the bank for loan recovery. In case you stood guarantor for your father and this floor is not your residence, the bank can recover the money from your father as well as from you as guarantor. Residential property of guarantor cannot be attached against loan for recovery. I hope it is clear to you now.
apply common sense ! as on today your father has not taken any loan. you both are respective owners of respective property. your father will take loan by mortgaging his property, how your property will be effected in case of default of your father's repayment of loan. your property will be effected if your father transfer the property after taking the loan.
In your case if you have a registered Deed of your floor then no one can mortgage the same except you. And if your Father will not be able to pay his debts then the Bank/NBFC (from where your father is taking Loan) can take action against the floor which are mortgaged (whose Original Deeds are with Bank) not of your Floor.
Your father can seek loan on the colateral of his own property if he is a single applicant.
He cannot mortgage the property which is not lying in his name.
The moment he transferred the property by executing a rgistered gift deed in your favor, he has no rights in that property hence it cannot be mortgaged for the purpose of loan, therefore there is no danger for seizure of this property in the event of default in loan repayment by your father in future.
