A Gift settlement deed has been registered for Open Plot in the Joint-sub registrar office in the year 2001 between wife and husband. The 'DONOR' is wife and 'DONEE" is husband. Subsequently, owner (DONEE) got the permission from the municipality and constructed the house. Before 2001 from 1988 the open plot was on 'Agreement of sale' attested by sub treasury office. Question-1: Whether "Registered gift settlement deed" can be purchased by bank loan if he/she is eligible for bank loan, salaried working in government organization? Question-2: If so, what are the formalities bank and purchaser has to follow ? In the "Gift settlement deed" it is mentioned that "Donee to have and to hold the same (means property here forever as absolute owner" Question-3: With reference to quote above will it have any problem for the owner (DONEE) to sell and Purchaser to purchase?
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1) once gift deed has been executed duly stamped and registered donee is absolute owner of the property
2) husband can with permission from municipal corporation carry on construction on the plot
3) husband can avail of bank loan for carrying on construction
4) bank will grant loan provided that gift deed is registered , latest property taxes bill paid , plot mutated in name of husband
5) husband can then sell the property
Hello,
If the gift deed is registered then donee is absolute owner of the property and with permission from the municipal corporation he can carry on the construction.
Yes the husband can avail loan from bank if the gift deed is registered and all other documents are complete.
No there shall be no problem if the husband sells off the property.
Regards
Whether "Registered gift settlement deed" can be purchased by bank loan "?
What do u mean.
1. The husband is the title holder of the property by virtue of the gift deed registered by his wife. He is the valid owner of the said property and it can be purchased by taking Bank loan.
2. The purchaser shall have to go to the Bank , talk to the Manager and fill up the application form submitting the required documents like photocopies of the title deed, his income proof, etc and can avail the loan by executing various documents like promissory notes, loan agreement, loan application,etc. and also shall have to deposit the original sale deed after registering the property for creating equitable mortgage on it securing the loan amount taken by him.
3. 'To hold the same' does not mean to hold it for ever. He can sell the said property at his wish.
Hi, after the gift deed the husband is the absolute owner of the property .. He can mortgage , obtain Loan , or sell the property under its own discretion ..
If the donor did not have registered sale deed and the property was in his possession only o the basis of the sale agreement, then the transfer of property made by him in favor of his wife by executing a registered gift deed is not valid since he did not have marketable title to transfer the property to his wife.
If what I expressed is confirmed then the donee also is not having marketable title to the property hence she cannot execute a registered sale deed in your favor.
However you may refer the document before a local advocate and get his first hand opinion before venturing into the proposed purchase.
First of all obtain legal opinion about the genuineness of the property.
The bank formalities would be informed by the bank you may aproach.
If the property was transferred to the donee by the donor who had the marketable title to the property so transferred then this transfer can be held as legally valid thus you may look into other legal formalities, but if the donor did not have marketable title then the transfer itself is invalid, the bank may not grant loan even if you ignore the fact and purchase the property.
