Hi All,
I am new to this forum. I have query related to my appartment which i have bought with housing loan.
I have bought Residential Appartment 3 years back with Bank Home Loan. I am the main applicant and My father is co-applicant in the home loan. Since 3 years i am paying the Home Loan Installment. My father gave me about 30% of the property value at the time of purchase. My father has applied seperatly at the time of buying property but bank was unable to grant the loan we wanted as my father's age was 53 and bank need atleast 15 year services. Finally i have applied and kept my father as co-applicant. I am paying monthly installment though i am not staying with my parents. My wife doesent wanted more issues so we are now seperated and staying on rent.
Now the dispute is: My parents are fully occupaying the property and saying that i have no right in the property and he will repay the loan as soon as he got retire and what ever installment i have paid is just a return of the expenses they have incurred in my education. My 3 sisters and 1 brother are also demanding their rights on the property.
My Question:
1. Do i have right on the property?
2. As my father is co-applicant and co-owner of the property, will all my sisters and brother can get share in this property?
3. How can i get my property back? Is there any legal procedure?
Expecting your reply....
Thanks & Regards