Hi, My mother passed away an year ago and my father is thinking of second marriage. So he wants to settle(divide the properties among all his sons) all the properties/assets before he gets married again. He wants to write a will initially, but decided against it, as it can be changed later. He is looking for an option, which can't be changed later and he still wants to continue paying the EMI, for the properties/assets which are on loan. Can you please advise me on the possibility of getting the assets on my name or on my sibling's name, when they are still on loan. The loan is on my father's name and he still want to continue paying the EMI.
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To transfer the properties on which still the loan is pending NOC from bank is required once bank permit then only it can be transferred.Bank sha give NOC only when the loan is paid and closed.
Once NOC is there your father can gift the property through registered gift deed to you and your siblings.
For properties which are not on loan a gift deed can be made and registered in favour of you and your siblings.
Your father can execute gift deed in your favour
2) gift deed should be duly stamped and registered
3)bank consent would be necessary to execute gift deed
4) bank may insist that loan be repaid before execution of gift deed
1) Ask your father to take permission from bank to make gift deed on your names and get registered same gift deed. It's all depends upon bank.
Thanks for the replies. 1. We are looking for an option which lets my father to write a will on my name, but he must not be able to change it in future.( After the second marriage) , without my signature.
Willl can be revoked at any time during lifetime of testator
it is not irrevocable
Required NOC from Bank without NOC your father cannot transfer said property.A testator can change his Will at any time.
That means you can have conditional WILL. that will be suitable for you.
See this Is not possible will can be changed by your father at any time law doesnot permit the arrangement you are talking about.
1. A "will" can be changed by the will-maker, every week, and the Legal Heirs /Beneficiaries have no right to object or put their signature on the Will.
2. A Family Settlement Deed, can be executed with strategic clauses, about the property distribution etc.... and the EMI can still be paid by father.
You can execute a Registered gift deed for he same.
Your father can make a family partition deed and get it registered, in that deed he can make a mention that the partition deed shall come into force only after the entire loan on the properties are fully discharged and the bank releases the title document.
Similarly he can execute a duly registered settlement deed on the above lines which also is a valid form of transfer.
A Will shall come into force only after the lifetime of the testator.
The beneficiaries of a Will do not have any rights over the Will until it comes into force or becomes enforceable hence you cannot impose any condition on your father that way which is illegal and invalid
If you apprehend fear of the property being transferred to his second wife, you get it transferred to your name by a registered settlement deed now itself.