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Q. Transfer of family property

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Anonymous

posted 1 month ago

question iconTransfer of family property

Currently, there is a family property (flat/apartment) in the name of 4 brothers (A,B,C,D - inherited from their deceased mother). I (son of the second brother - B) would like to buy the property along with my uncle (fourth brother - D) and pay off the remaining two brothers (A & C). Under this scenario, a home loan is required to pay off the property shares of the remaining two brothers (A & C). Per my knowledge, a home loan can not be requested on a gift deed property handover. However, could you please confirm the same? If I only have to pay 50% of the total property value to uncles (A & C), Can I show this as the total transaction value while paying registration and stamp duty charges? Note: I am aware there are circle rates and the 50% of the property value here would be below the circle rate of the property. What would be the least expensive way to complete this property transfer?

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Kishan Dutt Kalaskar Retired Judge

Kishan Dutt Kalaskar Retired Judge

Responded 1 month ago

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A.Dear Sir,
You can do so only with written consent of the bankers. You need not bother about other things if your bankers gives green signal to transfer the loan in your name or otherwise accommodate by closing the loan transaction.

I could have explained more if background is known to me.
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Anik

Anik

Responded 1 month ago

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A.Dear client,
you can get a home loan on a gift deed property handover as once the property is transferred it becomes your property and thereby, your rights and interests are established. Secondly, you can show the 5% value as the total transaction value if an agreement has been made legally. Usually, the least expensive way for property transfer is through gifts.
Thank you

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