Is it possible to change ownership of a property home if the loan is still on?
I have a 2 BHK flat with my name, the flat is on home loan. I want to transfer the flat to my wife name but I will be paying the loan, my wife will not be liable to pay the loan amount. How can I achieve this? What all possibilities are there?
Since the flat is under home loan, you need to take bank consent for transferring the ownership. If approved, then the gift deed can be executed to transfer property to your wife, which must be drafted on the stamp paper and registered in the sub register office under Section 122 of the Transfer of Property Act 1882. There has to be a No Objection Certificate from the bank and retain you as sole borrower.
Sir, You will require your lender's approval before you can sell the property that you now owe money on. This approval is usually given in the form of a letter that includes the payment amount that will completely settle the outstanding loan. For further legal assistance contact us on our helpline number.
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