Dispute on housing loan
Biju
(Querist) 16 August 2012
This query is : Resolved
Dear All,
My father sold his self earned property in 2002 and bought new land for Rs 500,000 and I have applied for a housing loan for Rs 285,000 and he is the co-applicant.
I am paying the EMI for the last 10 years.
After marriage in 2004 my parents are not happy because it was a love marriage. Now the property value has almost 5 times the investment. My father plan to sell this for Rs 50 lakhs and he will give me only Rs 10 laks and balance amount he will give to my brother and sister to take revenge of my love marriage.
I have requested for additional Rs 3.5 lakhs which was the amount of EMI I have paid over the past 10 years.
Now he is threatening me that he will give only Rs 3.50 lakhs and nothing more.
Can I move court and get atleast Rs 13.5 lakhs ?
Biju
Devajyoti Barman
(Expert) 16 August 2012
If the property stands in your name then straightway you would be considered as it half owner.
malipeddi jaggarao
(Expert) 17 August 2012
Mr.Barman saheb, as I understand the query,the property is not not in the name of questioner but in the name of the father and father joined as co-obligant for Housing Loan and EMIs are paid by son.
My opinion:
If property is not in your name and self-acquired property of your father, you can not do much. At the most you can claim the EMI paid by you till now, by entering into a civil litigation. Instead, you convince your father to refund the EMI along with reasonable interest and leaving your claim on the property to his wish.
Biju
(Querist) 18 August 2012
Thank you Devajyoti and Malipeddi
