Legal Question in Banking Law in India

Re: Can we gift deed a property which is having a existing home loan

There is no problem in your father gifting the house under home loan to anybody to whom he wishes to gift. However the donee i.e.the person who gets it gifted will be taking the house subject to pre existing mortgage in faovur of the Home loan financier and must pay the dues on the home loan,if he wishes to retain the property for himself or herself.

Re: Can we gift deed a property which is having a existing home loan

If a property is under mortgage for a loan, no alienation, including a gift, may possibly be made without prior permission of the lender. You may need to refer to the loan agreement and seek advice from the lender.

Re: Can we gift deed a property which is having a existing home loan

no, if the property is mortgaged, no transfer or alienation of any kind including gift deed can be made except with the prior written permission from the lender.

if you do such act without permission from the lender, An FIR can also be registered against you and your father

Re: Can we gift deed a property which is having a existing home loan

You may have to check with your finance company. Because they would have to give you an NOC and transfer the loan to the donee.

Re: Can we gift deed a property which is having a existing home loan

One cannot gift or transfer the property to other when a loan is existing and the property is under the verge of hypothecation or mortgage.However you can seek the approval of the finance company which gives the loan and can make a gift.