• Question about property

I am going to take a loan using the option LAP. (Loan against Property).

We are going to legally document a property as istadhaan from my father in law to my wife and me. 
Then we use this property to avail a loan from Bank. (using LAP)

My question, 
1. does my wife and me has complete rights to the property ?
2. Can we sell the property without father in law consent.
3. Does father in law has rights to the property.
Asked 3 years ago in Property Law
Religion: Hindu

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10 Answers

Once registered gift deed is executed you and your wife are absolute owner of property 

 

you can sell the property 

 

father in law has no rights on property 

Ajay Sethi
Advocate, Mumbai
99836 Answers
8148 Consultations

1. If your FIL has transferred the of property by means of an unconditional gift deed and registered it, his further consent to mortgage it for the loan is unnecessary.

2. Yes, subject to the gift deed being unconditional.

3. No, as above.

Swaminathan Neelakantan
Advocate, Coimbatore
3071 Answers
20 Consultations

If the property is your self acquired you don't require anyones consent. Otherwise it will be required. 

Prashant Nayak
Advocate, Mumbai
34553 Answers
249 Consultations

You need to first seek approval from CARA. After approval CARA will allot you a registration number. This process can be completed with assistance from social worker from Child Welfare Center, Nampally Road, Hyderabad. With the  registration number, you need to approach City Civil Court, Hyderabad if you have your address at Ameerpet engaging an Advocate. Your Advocate will submit an application for as provided under the  Schedule of Adoption Regulations, 2017. The  whole process will not take more than 2 months after registration with CARA. Stepparent has to give his/her consent for adoption. Presence of stepparent, adoptive parents and adoptive child is required before Court. They need to appear only once on the fixed by Court. A direction will be issued to GHMC by Court for registering name of adoptive parents as father and mother and issuing a birth certificate  showing adoptive parents as father and mother of adoptive child. Furnishing such birth certificate  NOC from CARA can be obtained by producing birth certificate and same can be submitted to USA Consulate. CARA can give NOC only after the procedure is completed through Ct.   

Ravi Shinde
Advocate, Hyderabad
5134 Answers
42 Consultations

Hi, If the Property is given to your wife then she has become absolute owner in respect of the same and she can deal with the property according to her will and wish. Your Father-in-law has no right to claim the same..

 

[2] If the property is given to both of you then both of you will become the absolute owner of the same and your father in law has no right over the property.

Pradeep Bharathipura
Advocate, Bangalore
5625 Answers
339 Consultations

1.  The property gifted by your father in law to your wife shall become her own and absolute property to which she is the exclusive owner and have full rights to the title  and interest in the property.

However you can become a co-applicant for the loan based on your own income while she will be another co-applicant and would offer this property as collateral security for the proposed mortgage loan against this property.

2.  If the property is transferred to her by your father in law by executing a registered gift deed, she shall become an absolute owner of the same hence she can very well sell the property without the consent of her father.

3. Once he has legally transferred the proeprty, he has relinquished his rights in the proeprty hence he has no more rights in the property.

 

T Kalaiselvan
Advocate, Vellore
90038 Answers
2498 Consultations

Hello,

  1. Yes, once the Gift Deed is registered in favour of you and your wife you both are absolute owners and have complete right over the property.
  2. Yes, you can.
  3. No, he does not.

S J Mathew
Advocate, Mumbai
3619 Answers
175 Consultations

  • The Registered Gift Deed once duly executed then only you and your wife are the absolute owner of the property. Please note Gift Deeds needs to be registered compulsory and appropriate stamp duty needs to be paid.
  • Yes, you can.
  • No, He has no rights on the property.

Zafreen Khan
Advocate, Greater Mumbai
54 Answers

1. If the said property is gifted  , after registering the same in joint name of you and wife , then you both are legal owner of the property jointly with equal share . 

2. Yes

3. No, he has not right , if already transferred in your & wife name. 

Mohammed Shahzad
Advocate, Delhi
15821 Answers
242 Consultations

1. If your father in law registers a Gift Deed in favour of your wife conveying the tile of a property, then your wife shall become the valid title holder of the said gifted property entitling her to deal with it in any way she feels like.

 

2. She can sell the said property standing in her name without taking consent from any person, including your father in law.

 

3. Your father in law will have no right on the said property which he will be gifting to her daughter by validly registering a Gift Deed.

Krishna Kishore Ganguly
Advocate, Kolkata
27704 Answers
726 Consultations

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