Joint property
Surendra Kumar
(Querist) 27 January 2016
This query is : Resolved
Hi,
1.my self & my brother together jointly purchased a house
2. the property registered in two set documents separately for me and my brother
3. We have taken home loan jointly and still it is pending for 6 years
4. Now my brother want to avail further loan as a equity loan on his share but the banker requesting us to sign on documents by both of us and liability is equally on us even i dont avail any loan
Query
a. How to safe guard my liability and share?
b. Can i execute the mutual agreement on the arrangement
c. can this agreement can be register ?, if yes what will be stamp charges.
d. Can any body suggest the best way to safe guard my share ?
Devajyoti Barman
(Expert) 27 January 2016
It appears that the bank is asking for collateral guarantee on half share of yours in the house.
Once you stood as guarantor you automatically become liable for payment of loan in the event of default of your brother.
So you can get an indemnity bond executed by your brother in your favour to compensate this eventuality,
Rajendra K Goyal
(Expert) 28 January 2016
a. How to safe guard my liability and share?
-- You would remain liable to pay on default of your brother. No safeguard available till full loan is repaid by your brother.
b. Can i execute the mutual agreement on the arrangement.
-- You may, may not be of much help, if loan taken by your brother is defaulted by him.
c. can this agreement can be register ?, if yes what will be stamp charges.
-- You can register. Stamp fee can be confirmed from registrar office. However, normal agreement need not be registered.
d. Can any body suggest the best way to safe guard my share ?
-- Ensure timely repayment of loan taken by your brother.
Kumar Doab
(Expert) 28 January 2016
You have posted that:
'the property registered in two set documents separately for me and my brother'
Let your brother pledge his document /share only and choose a banker that agrees to it.
Or Convince your brother to go for other kind of loan say Personal loan.
Or Or convince your brother to not to opt for loan and manage from his resources.
Or be prepared to pay if your brother defaults.In such case you can acquire his share only if you have a registered and valid deed.
Or sell your share and walk out.
Or buy your brother's share.
The call is yours.
Choose wisely.
