sangram 25 January 2018

Regarding addition of brother' name in the flat agreement

Hi,

I have a flat in Thane which is on my name and on my mother's name. I bought it 7 years ago. I have taken a home loan from axis bank for this flat and is ongoing.

Now I want to add my brother's name in the flat. Is it possible to do it? How can I do it? Can I do it even if the original agreement is with the bank?

Thanks,

Sangram

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4 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 25 January 2018

Is possible only with a grant deed. A grant deed is more commonly used when assigning part new ownership to someone.

sangram 29 January 2018

Thank you sir for the answer,

The original agreement papers are with the bank due to home loan. Is it still possible to do this grant deed?

Thanks,

Sangram

Advocate Rughani (Lawyer) 07 February 2018

In case of a mortgaged property, you need to ask bank to permit you to transfer certain share of your property in favour of your brother by executing a Gift Deed. For Gift Deed, you need NOC from your bank and society in which your flat is located to execute and register Gift Deed before Thane Sub-Registrar Office. The Bank might take in to account your outstanding loan amount and period of repayment.

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 01 March 2019

1. "IF" the original Agreement is mortgaged to the Bank, you can do the following:
a) Take NOC from Bank for Gifting 1/3rd Property to your Brother
b) Brother should give undertaking to Bank, agreeing to be liable for the ongoing Loan
c) Execute Register Gift Deed with Brother and with Mother as "confirming party" in the Gift Deed & annexing Bank NOC.
d) Deposit original Gift Deed with Bank
e) Submit Certified Copy of Gift Deed to Society, to add Brother as "joint member".

Keep Smiling .... Hemant Agarwal
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