Posted on: 10th Oct, 2009 02:06 am
Me and my husband have a flat. We have taken laon for it. Both we are salaried and eligible to pay that loan. Presently my husband is main borrower of loan and I am co borrower. Names of both of us are added on agreement. We have taken loan for 20 yr tennure. Can my husband transfer this property to me by a gift deed
Your husband can transfer the property to you with the help of a gift deed. However, once the transfer of the property is complete, the lender may want you to refinance the loan solely in your name. Also, you should note that if the property is transferred to you as a gift, then your husband will have to pay gift taxes. But, there are certain exemptions in case of gift taxes. To know about these exemptions, check out the given page:
http://www.mortgagefit.com/gift.html#111114
http://www.mortgagefit.com/gift.html#111114
instead of a gift, quit claim deed will be a better option. after that you inform to lender & refinance mortgage in your name as soon as possible