Joint property
shrishriml
(Querist) 24 September 2016
This query is : Resolved
i own a flat jointly with my husband in which 80% of down payment was funded by him and 20% by me. EMI is being paid of the rent received and balance is paid by husband.
Now we are separated, how would the flat share be divided? how would the bank loan be settled in case he proposes to sell the flat and what is the share i would get. We have a 3 year old child and he earns more than double my salary.
Devajyoti Barman
(Expert) 24 September 2016
The flat would be equally divided as in absence of specific demarcation of share in the sale deed the joint name holder of a property is consider to be equal share holder in the proeprty.
Raj Kumar Makkad
(Expert) 24 September 2016
The earning of child has nothing to do with the main problem.
You shall have to go through the title-deed which mentions your shares and similarly the documents of loan of bank are also to be seen for the exact reply to your query.
Kumar Doab
(Expert) 24 September 2016
Both title deed and loan documents may be examined.
If loan is not paid the bank shall take over.
If you need or want the house discuss with Ex.husband and bank.
Settle the matter amicably.
shrishriml
(Querist) 24 September 2016
Thank you experts for your replies.
The title deed mentions both our names and no share is mentioned.
the loan is also on joint name.
Raj Kumar Makkad
(Expert) 24 September 2016
If it be so the the share shall be treated equal.
Kumar Doab
(Expert) 24 September 2016
You have posted that:
----"The title deed mentions both our names and no share is mentioned. "
Both have equal share.
----"i own a flat jointly with my husband in which 80% of down payment was funded by him and 20% by me. EMI is being paid of the rent received and balance is paid by husband. "
"the loan is also on joint name. "
Both are contradictory.
Nevertheless, It is your own understanding and lender bank has nothing to do with it.
Settle amicably.
Rajendra K Goyal
(Expert) 24 September 2016
You should try to have amicable settlement with your husband.
Raj Kumar Makkad
(Expert) 24 September 2016
As per initial facts submitted by the author. the husband and wife have separated means there is a will involved therein so the question of amicable settlement do not arise.
Rajendra K Goyal
(Expert) 24 September 2016
If there is no amicable settlement, husband may discontinue EMI payment, Bank may start recovery proceedings, resulting your share would further reduced due to recovery expenses.
Find the scope to dispose off property, pay Bank loan and amicably distribute the same between both.
Kumar Doab
(Expert) 24 September 2016
The lender bank has nothing to do with separation of borrowers from marital relationship. It has everything to do with good money lent by it.
The society has nothing to do with separation of Co-sharers from marital relationship.
Two strangers can also Co-share and Co-borrow.
Amicable settlement is the best option.
Otherwise both are equally liable.
shrishriml
(Querist) 24 September 2016
Thank you experts
Kumar Doab
(Expert) 24 September 2016
You are welcome.
It is indeed good to see that some authors do come back to thank the experts.
Raj Kumar Makkad
(Expert) 25 September 2016
Doab many authors pay respect and when the advice is given just directly targeting his problem then he only pay thanks and this is the only reward we get from the site.
