Income tax - housing loan

Prepare a Gift Deed. Your mother can gift 50% of the share to you. Inform the Bank though.

Thank you for the reply sir. I informed the bank already. The bank lawyer says I have to go for re mortgage.(bank will give it to my mother and she will give it to me and I will mortgage it to bank )

 Is this really required?  My mother is ready to transfer the whole property to me since I agreed to give my another plot to my brother.

Please suggest if i can avoid this re-mortgage process and how?  can we do gift deed or settlement deed registration when the deed is in mortgage?

Thank you,

Sathish

if there is a change in ownership - remortgage is a legal necessity. All legal owners should agree to mortgage.

You want to claim Housing  loan benefits in IT.  

There is no other option . Your mother should gift 50% of her share to you. You both become co-owners and mortagage .  Before she gifts the 50% she should take permission from bank bcoz the house is under mortgage.