50% rights in flat

BEENA SINGH (Querist) 19 November 2014 This query is : Resolved
Case is as under:
A Flat was acquired by Mr. A in consideration of Rs. 36,00,000/- individually on his name.

However, a 50% investment was contributed by Mr. B, who is cousin of Mr. A.

18,00,000/- they had paid in cash and balance amount paid by loan. Loan was taken on the documents of Mr. A only.

The reason that bank did not consider Mr. B as a co-applicant as he is 60 years old and does not had any income proof.

They were supposed to register the flat on joint name but someone misguided them that a flat can be register on joint name only in case of blood relation.

Now B is worried that he had contributed the amount but his name is not appears anywhere in the flat documents.

Gift deed and release deed is also not possible.

However, A is saying that he is ready to sign any documents whatever required to give 50% share of Mr. B.

Now what action Mr. B can take to secure his interest and share in the flat ?

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ajay sethi (Expert) 19 November 2014
A can execute gift deed in favour of B for 50%share in flat . have it duly stamped and registered

BEENA SINGH (Querist) 19 November 2014
But for gift deed blood relation is required na ?

Guest (Expert) 19 November 2014
Now the Mortgage with bank would be appearing as First Mortgage and a Second Mortgage could be executed in Favour of B in Registrar Office For his amount with Reasonable Interest and B could be Safe.Earlier would be better when A is ready to Co operate.

ajay sethi (Expert) 19 November 2014
it is not necessary that gift deed should be in favour of relative only

Rajendra K Goyal (Expert) 19 November 2014
50% share can be gifted or can be sold to B. If the security of money is only concerned, second mortgage with the consent of Bank can be made in favor of B.

Guest (Expert) 19 November 2014
Dear Author, Consent of Bank is Not Required For Second Mortgage Please

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