Banking regulation on home loan on gifted property

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bhavya (Querist)
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11 July 2018 Dear Expert,
Recently I going to be purchased a house property whichever given to the owner in Gift. The Gift deed is duly registered but contain condition of nontransferable of aforesaid house property. When I consulted from my home branch manger for home loan, he said he didn't gives loan on gifted property, because of condition of non transfer-ability. please help ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 July 2018 You can't buy the property as the owner doesn't have the right to sell. Conditions put on gifted property prevail.

bhavya

bhavya (Querist)
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26 July 2018 But sir in section 10 of transfer of property such is condition void ab-initio, so is that applicable in my case ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 July 2018 Such conditions prevail on gifted property

bhavya

bhavya (Querist)
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29 July 2018 Sir
can you refer me the section who said that section 10 is not applicable in case of gift and condition of non transfer-ability. please help.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 July 2018 Raise the query in lawyers club query is more legal.