My father is 65 years old and owns a property measuring 60x40 in H.S.R. Layout. when we approached the Bank to avail loan for putting up construction over the said property, Bankers say that either I have to be co-owner or the property has to be transferred in my name in order to release loan for construction, keeping into consideration the old age of my father. Whether my father can Gift that property in my favour?
Your father can gift the property in your favour by paying Rs.1000/- towards stamp duty and subsequently loan can be availed by you from the Bank. However, details about other family members, their rights over the property and intention of the father to gift the property in your favour before executing Gift Deed to that effect, has to be considered.