Legal Question in Real Estate Law in India

I have recently purchased a flat under My name & Mother name through home loan and EMI is paid by me. Loan's Co- applicant is my mother. EC shows both my name & mother name and Bank has done MOD on top of it.Now my mother want to give her share(50%) to me through gift deed.

Now my question is, whether this Gift deed can be registered when my home loan exists?

After Gift deed is registered, will property change to my name in EC?


Asked on 5/17/18, 12:52 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

17.05.2018

Dear Sir / Madam,

Legally speaking the first named person of the land / property remains the real owner. Even in the case of Joint Ownership, all legal issues are to be addressed and resolved by the first named owner. In my opinion, it is appropriate that you obtain the Bank's approval and written consent to the proposed Gift Deed.

Regards,

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Answered on 5/17/18, 8:03 am


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