Have a query regarding your home loan? Maybe we can help.
Drop us a line and our expert, Harsh Roongta, will answer it.
-
Got a question for Harsh Roongta? Please write to us!
My father purchased a home in 2003 with a home loan.
He wants to gift the home to me and transfer the same loan to my name.
Can he do so?
- Sunder Ramani
He can certainly gift the home to you but there is no such thing as transfer of a loan.
You will need to pay off the existing loan and take a fresh one in your name. If you take a fresh loan from the same bank, the logistical problems will be less.
Talk to the bank/ home loan company with whom your father has the loan and request them the following:
1. Ask them to approve a loan in your name (assuming they have no issues with your repayment capacity)
2. To give approval to your father so he can gift you the house even though the loan to them is still outstanding.
Then, you can clear his loan and start servicing yours.
If the bank or home loan company is not giving you a loan, you will have to look at other players. Maybe you can get a letter from the bank or home loan company where your father has a loan and ask for the total amount due. You can then take a loan of this amount and pre-pay your father's loan.
Like I said earlier, if you are taking a loan from the same place, the process will be simpler.
If you go elsewhere, you will need the original documents lying with the home loan company. The original home loan company will need to certify that the original documents are with them and that they are holding them as security for the loan. They must also state they will directly release these documents to you or your home loan company within a fixed number of days after receiving full payment.
Got a question for Harsh Roongta? Please write to us!
Note: Questions may be edited for brevity. Due to the tremendous response, all queries will not be answered.
Disclaimer: While efforts have been made to ensure the accuracy of the information provided in the content, rediff.com or the author shall not be held responsible for any loss caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles and information).
