Question asked by T.L. Sudarshan from Bangalore, India:
Hi,
My name is Sudarshan.
The house that I live in currently is in my father’s name. He purchased the house and is now retired. His source of income now is the money that he had saved while in service. The house that we live in only has a ground floor. We want to construct another floor (first floor) and for this we need a bank loan. Since my father is not employed now, it is unlikely that he will get a bank loan for this. Therefore, I would like to take a bank loan on my name.
However, I understand that for this the property will have to be registered in my name. Please let me know if my father can gift the property to me without us having to register the property in my name. If yes, can I then take a bank loan on the property gifted to me?
Appreciate if you can let me know the details on gifting and registration or guide me to a source from where I can find out.
Thank you.
Sudarshan
