Can I gift the property to someone on which I have taken a loan?
Question asked from India:
Hello,
I have purchased a flat though loan and the loan is not yet closed. Is it possible to gift the flat to my father through gift deed and still can i pay the loan amount. Please clarify.
Regards
I have purchased a flat though loan and the loan is not yet closed. Is it possible to gift the flat to my father through gift deed and still can i pay the loan amount. Please clarify.
Regards
Vatsala Answers:
No, you cannot gift the flat to your father when the loan has been disbursed to you. If you want to gift the property to your father, the loan has to be cleared first.Vatsala
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