Registration of a flat in favour of single name
kamlesh kumar
(Querist) 29 October 2014
This query is : Resolved
Respected Sir,
I have got a home loan from a bank for buying a flat in an apartment.
According to the TRIPARTITE AGREEMENT The builder is the first party. Bank is the financing authority. As borrower my wife is the applicant and I am the co-applicant.
By the bank records I am an applicant(employed) and my wife (house-wife) is a co- applicant. About 80% of the loan has been disbursed to the builder. The flat has not been registered till now.
Now the circumstances have been changed. Because of some unavoidable reasons both of us have decided by an affidavit to get the flat registered in favour of single name (main applicant as bank records and co-applicant as agreement).
Deciding above I met the builder and the bank officials. The builder stated orally that the above said can be implemented if the bank has no objection but the bank refused to do so.They say that the TRIPARTITE AGREEMENT can never be changed because the loan has been disbursed.
Now I want to know that-
1. What is the process to get the flat registered in my single name?
2. What should I do?
Yours Faithfully
Kamlesh
email-drkamlesh108@gmail.com
adv. rajeev ( rajoo )
(Expert) 29 October 2014
You can get relinquish your wife's right over the property in your favour and discuss with the bank and get transfer entire loan in your name and then you can change the agreement.
ajay sethi
(Expert) 29 October 2014
without bank NOC flat cannot be registered in your single name . you will have to repay the loan to bank . then you can have agreement in your single name
Rajendra K Goyal
(Expert) 29 October 2014
Explore the possibility of changing the Banker, and you may again execute the tripartite agreement if all parties agree to it, during this process of change of Bankers.
Devajyoti Barman
(Expert) 29 October 2014
Since you are the borrower and you are repaying the loan amount your wife can relinquish her share in your favour.
malipeddi jaggarao
(Expert) 31 October 2014
What are the reasons for this complication at this stage?
T. Kalaiselvan, Advocate
(Expert) 02 November 2014
If you anticipate problems in joint registration, you may follow the suggestion made by expert Mr. Rajendra K Goyal.It is seems to be suitable under the circumstance.
