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Gift deed of Mortgage property
2 years ago
Respected Lawyer,
A property is purchased by me on my mothers name. property is under mortgage to bank, i am paying the emi's and my mother is co applicant with me. kindly suggest how can she gift the property to me w/o us to pre paying the whole loan. Also, can my siblings ask for any rights on this property.
A.Seek the permission of the bank to allow the gifting of the property. As the property is already mortgaged so she cannot do so.
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Ankur Goel @ Complete Law Shield
Responded 2 years ago
A.The bank is having papers so until your mother clear mortgage and become owner, she can not gift it.
All siblings will have rights if she dies without any WILL.
so best thing for you to make WILL of mother so others can not claim. But WILL can be changed anytime by mother.
All siblings will have rights if she dies without any WILL.
so best thing for you to make WILL of mother so others can not claim. But WILL can be changed anytime by mother.
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