When the property is mortgaged, the gift deed even if it gets registered does not have validity and the rights will not transfer. The gift deed executed by your father will be infructuous until and unless you get NOC from the bank for which you will have to settle the loan account.

Your father need NOC from bank for execution of gift deed

Bank woukd not give NOC unless loan is repaid

1. There is no legal restraint in transfer of property even it is mortgaged to the bank.

2. You are already a borrower from the bank keeping mortgage of the same property and hence there is no problem if you become its sole owner and continue to pay the EMI.

3. It is not clear that if you are not the owner of this property how the bank disbursed loan in your name.

1. Property Mortgaged to the Bank CANNOT be Sold /Transferred /Gifted /whatever, WITHOUT the NOC from the Bank.

2. It will be a criminal offence to Transfer the mortagaged property, in any manner, WITHOUT the NOC from the Bank.

Keep Smiling .... Hemant Agarwal

Take NOC from bank after clearing the loan.

You cannot transfer the ownership of this property as long as this is mortgaged.

When the property is in mortgage, the gift deed even though registered does not have validity.

You need to approach the bank with a request to permit you to execute a Gift Deed in favour of your spouse. Once the Bank gives your permission, you may execute a Gift Deed and register the same with the Sub-registrar of assurances even though the property is mortgaged with the bank against housing loan.

1) Instead of gifting your father can give you WILL or POA and mentioned in it after paying all EMI's of SBI Bank tge property will be allow for selling till meanwhile for staying or residential purpose.

You hold the registration of property kill you pay SBI loan but you can make the gift deed ready in your favour by your father as soon as you complete the loan you can get the property transferred in your name

Sir a NOC is required from the SBI without which the property cannot be transferred to you, further in case of pending loan SBI wont give NOC as the property rights of mortgaged property cannot be transferred as gift cannot be conditional. Loan need to be cleared or the security need to be given to bank so that mortgage is removed and then it can be gifted.

Hello,

First of all your question is not clear .

However the bank cannot give you the noc if it is mortgaged with the bank.

Regards

Hi,

You have not stated the position of home loan. Whether it is paid and for which property it has been taken. You have also not disclosed as to why the SBI is denying NOC.

Is any loan existing against the property in question?

Sir your father must have done a mortgage deed that has to be seen enquire with the bank, further if you don't have copy of mortgage obtain same from sub registrar office. if a property is mortgage then first same need to be released. the bank give no objection on transfer of the property,

Please be aware that in case of home loan the property must be mortgaged to the bank where from the loan taken so in your case your property is mortgage to SBI you're being a CO applicant taken the loan for the property of your father. Even if the property been gifted to you from your father you need to transfer the title of the property in your favour and for that purpose you need the original documents to be submitted along with the transfer deed and later should go to the bank in case you go for further mortgage but in the present case you need to pay off the entire amount to get the original documents back from the bank to go ahead for the transfer as per the gift

Bank needs to give NOC for father to execute gift deed in your favour as flat is mortgaged to bank

Without NOC gift deed would not be registered

NOc is/was needed for making the gift deed.

Apprise the bank that you intent to transfer the property by means of a gift deed and for the said purpose you need a NOC.

If you are taking loan why don't you clear first loan of you father's and check how much is balance pending so that you can avail new loan as per requirement from your new bank or from same bank.

If the property is under mortgage with the bank for the purpose of loan, then you have to obtain NOC for transfer of the property to your name.

You cannot do anything than to wait till the loan is fully discharged for getting the property transferred to your name.

Actually home loan I have taken from SBI..I am a psu employee. The house is mortaged or not I dont know. I have read about SELLER BT process where loan can be transferred from one person to other and bank gives NOC. In my case I am taking loan on the property. What NOC bank can give?

If the property was mortgaged on some other's name then you would not have got the loan at all.

If you still confident that it has not been mortgaged then you can consult a local advocate and issue a notice to the bank to give NOC for the purpose of transferring the proeprty to yor name.

Actually this is beneficial to the bank for all future recovery purposes in case of default in loan repayment

1. If SBI is not willing to allow the creation of third party rights then registrar has rightly refused to register the sale deed.

2. No third party rights can be created qua a mortgaged property without the prior consent of the mortgagee as a charge is created in favour of the mortgagee.

3. Why would SBI sanction home loan without the creation of mortgage? No bank does it.