• Gift deed for immovable property in India with mortgage

NRI- Process for gift registration of immovable property with mortgage

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Usha
Asked 3 years ago in Property Law
Religion: Hindu

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7 Answers

The deed of conveyance can not be registered without the consent of the mortgagee.

If it's done then also the mortgagee shall have first charge upon the property. 

Devajyoti Barman
Advocate, Kolkata
22815 Answers
488 Consultations

5.0 on 5.0

You can execute POA in favour of family member to execute gift deed on your behalf 

 

2) POA should be attested before Indian consulate 

 

3) POA holder can then execute registered gift deed on your behalf 

Ajay Sethi
Advocate, Mumbai
94692 Answers
7527 Consultations

5.0 on 5.0

You just had mentioned gift deed registration but you have not mentioned who will be donor and donee.

The Gift Deed is a legal proof of property transfer from the donor to the donee. 

 

Whether you will be Donor or Donee. If this is clear than we can provide you accurate process.

Ganesh Kadam
Advocate, Pune
12926 Answers
255 Consultations

4.9 on 5.0

A property under mortgage cannot be transferred to a third party by the owner by executing a registered  gift duty.

mortgaged property can be gifted after redemption of mortgage. You can clear the outstanding loan dues and can gift the property without any hassle. In case, you gift/Will a mortgaged property, the donee besides accepting the Gift, also has to accept the burden/obligation of mortgage.

  • The property can be gifted but benefit of mortgage may accrue only on release of property from mortgage, when the debt liability is extinguished. The mortgagor needs to be intimated on this.
  • The above point holds true even in the cases of inherited properties. The mortgaged property can be transferred/inherited only with the written consent of the lender. 
  • This means that if a person passes away while the home loan was still running on the property that has to be bequeathed, the beneficiary (spouse, or children of the deceased) will have to pay the outstanding loan.

T Kalaiselvan
Advocate, Vellore
84893 Answers
2190 Consultations

5.0 on 5.0

1. As per law, mortgaged property can not be dealt with in any way by the mortgagor without the written consent of the mortgagee.

 

2. If it is an equitable mortgage with the Bank creating security interest on it against loa provided, the you shall have to avail written consent from the Bank for registering then gift deed.

 

3. In the above case, the Ban will make the donee as the guarantor/mortgagor for the said loan and keep the dais gift deed in its possession to continue have mortgage on the said property.

Krishna Kishore Ganguly
Advocate, Kolkata
27219 Answers
726 Consultations

5.0 on 5.0

Yes you can do it easily by appointment and lawyer or agent

Prashant Nayak
Advocate, Mumbai
31930 Answers
179 Consultations

4.1 on 5.0

please post your query in details. 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

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