You and your sister can buy house from
your father
2) there is no legal bar to NRI buying residential property
3) regarding bank loan approach bank in this regard
Can a father sell his house to his daughter
Hi, My father wishes to sell his house to me and my sister. 1. Can he do that? 2. Can my sister and I, take out a mortgage to buy that house? 3. I am an NRI and she is a resident Indian - will this be a problem.
Asked 5 years ago in Property Law
Religion: Other
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25 Answers
Your father can sell the property to you and your sister for a valuable sale consideration
For mortgage loan, you may have to enquire it from the bank who may provide you loan for complying with the further necessary formalities to grant loan.
There is nothing wrong in buying a house property being a NRI along with your Indian sister.
if the property is selfly acquired by the father, he can sale the same to anyone as per his wish including you and/or your sister
Yes, if you and sister are paying him.
yes,
NO problem.
Thank you so much. Just as a follow-up question - Is there an RBI guideline that prohibits a father to sell a property to his daughters in India? Coz we spoke to a banking official and he said that can't happen coz RBI guidelines don't allow it coz my PAN card will have his name as my father. I don't understand this.
Asked 5 years ago
There is no such guidelines restraining sale of property by father to daughter
ask official for copy of such guidelines
Whatever knowledge you have is wrong. For valid sale, transfer of ownership of an immovable property for a consideration - dosen`t matter who are parties to sale.
NRI purchase property except agricultural land farm.
There no such bar.
The transfer of immovable property from father to son can be considered a gift. ... The amount of stamp duty payable on gift deed is same as in a regular sale. However, there is an exemption in case of specified relatives, which includes gifts from father to son.
There is no restriction to transfer the property by gift deed or sale deed to his son or daughter by the father.
The bank official may not have an updated information in this regard.
If the bank is refusing to give mortgage loan, you may approach a different bank for this purpose.
there is no restriction whatsoever
ignore the bank guy
he certainly lacks legal knowledge
Hi
Get a gift deed done.
Give money off the record.
Yes he can do that if the same is self acquired property. But ideal will be gift deed executed in your favour for the same
1. There is absolutely no restriction for Father to execute a registered Sale Deed with his children, provided proper Stamp Duty & Registration charges are paid.
2. Further an NRI, irrespective of working abroad, still is an Indian Citizen passport holder and is entitled to purchase property in India, without any further legal references /requirements.
3. AFTER above point no. 1, the purchased property can be mortgaged by the Indian resident sister.
Yes you and your sister can buy from your father.
For loan pls contact your bank .
NRIs are allowed to purchase only residential or commercial property. So NRIs cannot purchase any agricultural land or plantation property.
There is no such restrictions.
Yes , your father can sell his property to you . But why would you like to do that ? You will have to pay Stamp duty on it. Better you ask your father to Gift it to you.Then the stamp duty will be minimum.
If you are still an Indian national holding Indian passport alone then there is no hindrance for you to buy this property from your father either solely or jointly with your sister.
1) Yes your father can sell his property to you and your sister.
2) Yes you can.
3) No, it will not be a problem. No bar on NRI.
There are no guidelines as far as the objection raised by official of RBI.
Better check and request him for said guidelines, after perusing same next step can be worked out.
As far as prevailing law is concerned, there is no bar in father selling his property to his child.
The specific reason is property is transferred, registration is done, stamp duty is paid, under above circumstances the question of objection does not arise.
1. If the property is a self acquired property i.e your father has purchased from his own income , then he can sell the same to anyone including you & your sister .
- But , if the property is an ancestral / grandfather's property, then he cannot sell the same , without taking consent of all the legal heirs .
2. Yes,
3. No, even an NRI can purchase property in India, specially residential property .
1. Yes he can do it.
2. Bank may refuse for house loan as transfer in family though may provide the mortgage loan.
3. No there won't be any problem.
Bank won't grant you loan on sale deed in family.
This can be done. The property belongs to your father and hence he may give it to you or sell it.
I don't know of any such rule. This rule can't exist.
1. Title holder can sell his property to anyone he desires. In sale deed the only consideration is money.
2. You can apply for home loan.
3. There is no law in India which prohibits a father from selling his property to his blood relations.
1. Yes father can sell the house to his Daughter without any problem.
2. Bank will not give loan in this case for purchase of house because it can be a case of fraud as father can gift the property to daughter without any consideration and tax obligation.
This is my response to you:
1. Is your father an NRI?
2. You can check this link for understanding better: https://mea.gov.in/faq-overseas-indians.htm
3. Please refer to FAQ No.17 of the above link;
4. Consult a local lawyer, discuss full facts and take steps.
