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ShahDharmesh (Manager)     16 May 2012

Adding dad as co-owner on morgage flat

Dear Experts,

Thank you for providing your guidence through this forum.

I am under serious threat through a matrimonial issue wherein i am at risk of My wife filing a claim on my flat ..

I have a Flat purchsed on FY :2010 located in Thane Majiwada which is under loan and the agreement is under my name. (This flat was purchased before marriage)

My Query :

1.  Can i add my father as a Co-owner in the Flat which is under Mortgage. ? (My father is a co-applicant in the Loan

2. If Yes - Can you please let me know the process/steps .

3.How can i transfer major share of my flat in my old father's name .

4. What would be the cost of adding a Co-owner in the flat and time required for such addition of Co-owner in agreement.

**Please note that a co-operative society has already been formed , 2 weeks back for the said Building**

Looking forward for the guidence from the forum experts on the above mentioned critical issue.

Regards,

Dharmesh.



Learning

 3 Replies

S Jadhav 98336 98330 (Jadhav & Associates)     16 May 2012

Sir,

 

It is difficult to answer your question because the purpose of the transaction i.e. the intention is to avoid the amounts to be paid to your spouse (whether right or wrong) is going to be decided. If you use such means and when the Courts coem to know of the facts then your case will be badly affected. Hence my suggestion is to not do this at this stage.

But in general, you can transfer a share of your property to anyone for either a consideration or for love and affection (i.e. gift to your father/mother/ect.) and you will have to pay appropriate stamp duty on the transactiona nd registe the document. You will also have to obtain the NOC of the lender/bank before you do this transaction.

 

S Jadhav

ShahDharmesh (Manager)     16 May 2012

Dear Mr.Jadhav,

Thank you so much for providing your inputs.

Please note that so far NO Case of divorce or petition for divorce has NOT been filed in the court.

I would like to state that this property was purchased before marriage , as per my earlier discussions, the all experts from the forum were of view that my wife cannot claim on the property bought by me before marriage.

As a precaution, against the concealed motives of my wife and her family , i want to add my dad as my co-owner in the flat (Since the flat being under loan, Bank cannot provide NOC for Gift/ Transfer of flat to my dad, before the loan is repaid in full).

As an alternative , I can add my dad as a co-owner in the flat, which is different than transferring entire ownership.

Awaiting your inputs in this matter to the below mentioned queries :

My Query :

1.  Can i add my father as a Co-owner in the Flat which is under Mortgage. ? (My father is a co-applicant in the Loan

2. If Yes - Can you please let me know the process/steps .

3.How can i transfer major share of my flat in my old father's name .

4. What would be the cost of adding a Co-owner in the flat and time required for such addition of Co-owner in agreement

Regards,

Dharmesh.

S Jadhav 98336 98330 (Jadhav & Associates)     17 May 2012

Dharmeshji,

Whether you purchase the property before or after marriage, the transfer of a share or full property can be done as you are the owner of the property.

Even if there is an existing loan on the flat you can approach the bank stating that you would like to transfer a share in your father's name and he would also be a co-borrower if they wish, they can consider it and agree. But there are various consequences, some of which will be -

1. Generally people take housing loan and also take the income tax benefit on the same. You will have to look into this and check whether you will have to give back certain benefits.

2. The transaction can be done as soon as the bank allows you to do so. Most of the time will go in convincing the lender, other things will not take much time, e.g. stamping and registration may take a few weeks. Hence please approach the lender with the proposal that you have and get their ok. This should not be very difficult as sometimes the owners do sell part of the property while the loan is pending.

It is a technical matter for the bank and they have a procedure which is to be followed.

S Jadhav


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