Hi Praveen, thanks for reaching out. Gifting a mortgaged property to your wife involves a few legal steps. Here's a general guide to help you proceed:
- Consult Your Lender
: Before making any changes, it's crucial to inform your lender (SBI in this case) about your intention to gift the property. They may have specific requirements or conditions that need to be met.
- Draft the Gift Deed
: Prepare a gift deed that includes:
Details of the donor (you) and the donee (your wife)
Description of the property
Declaration of the gift without any monetary consideration
Signatures of both parties and witnesses
- Stamp Duty and Registration
: Pay the required stamp duty and get the gift deed registered at the sub-registrar's office. The stamp duty rates vary by state, so it's best to check the specific rate for Karnataka.
- Obtain No Objection Certificate (NOC)
: Obtain an NOC from your lender stating that they have no objection to the transfer of the property.
- Mutation of Property
: After the gift deed is registered, you'll need to get the property mutated in your wife's name at the local municipal office or revenue office.
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Hello sir. Myself Praveen from Hubli, Karnataka. I have a mortgaged property and I want to gift it to my wife by making a gift deed. Loan taken from SBI. Please clarify how to proceed with this plan.
Praveen
98 Views
1
10 months
2025-02-05T09:12:36+00:00 2025-02-05T09:12:37+00:00Comment
Share