Legal Question in Real Estate Law in India

Hi,

My husband and me are joint applicants for the housing loan that we availed from HDFC bank. The property as such is in my husband's name (eg. sale deed etc), my name appears only in the loan document mentioning that i'm the co-applicant for the loan. My husband for some reason wants to transfer the property to my name. Is this possible. Note that we have paid up only 5 years of the 20-year loan period. How can this name transfer be achieved. Do we have to release the document by paying up the entire loan amount (which is 7.5 lakhs) to the bank and only then can it be transferred. Or is there any other way to transfer it without having to close the existing loan. Please clarify my doubts.


Asked on 12/13/10, 9:00 pm

1 Answer from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

During pendency of mortgage, mortgaged property can not be transferred.

You need to either have mortgage released or obtain consent of bank for transfer. The best way of such consent is to ask bank to join as party to transfer deed.

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Answered on 12/14/10, 1:21 am


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