Legal Question in Banking Law in India

25.11.2014

Dear Sir / Madam,

Since the Gift Deed has two donees, both the donees ought to have accepted the property gifted to each of them. For the purpose of availing a bank loan on the gifted property, the extent of property gifted to each of the donees should be demarcated, separate and specific. In case of a joint property, the property ought to be sub-divided to identify the share and extent of each of the donees in the demarcated property. For example, if the joint property comprises of a groud plus one floor structure, the Gift Deed ought to specify clearly that the ground floor is being gifted to one donee and the first floor is being gifted to the other donee. As owners on registration of the Gift Deed, each or both the donees can apply for a loan against their respective shares in the property.

Regards,